Trion Properties JV Buys Denver Asset for $38M
- Sep 03, 2020
Agin Properties has sold The View at North Peak in Northglenn, Colo., for $38 million, according to Yardi Matrix data. Capital One originated a $27.4 million Fannie Mae loan on behalf of the new owner, a joint venture including Trion Properties. The 288-unit property previously traded in 2016 for $26 million.
The Capital One loan comprises a four-year interest-only period, followed by amortization on a 30-year schedule. According to Farhan Mahmood, Managing Director of Acquisitions at Trion Properties, the debt includes an interest rate in the mid-2 percent range. Additionally, since the property features restrictions to 50 percent or less of the area median income for more than 20 percent of units, the acquisition was eligible for financing under Fannie Mae’s Multifamily Affordable Housing Properties program.
Located at 10701 Pecos St., the property is adjacent to Northwest Open Space, a 50-acre athletic complex and nature area, and is less than 2 miles from Northglenn Marketplace and some 13 miles north of downtown Denver. Completed in 1971, the community consists of one- and two-bedroom apartments in 24 three-story buildings. Common-area amenities include two pools, a playground and a central laundry.
In late August, Trion Properties expanded its Bay Area presence with the acquisition of Creekside Apartments, an 80-unit community located in San Leandro, Calif. The asset changed hands for nearly $21 million.