RedPeak Lands $51M Refi for Denver Community
JLL Capital Markets arranged the GSE loan.
RedPeak Properties has obtained a $51.1 million Fannie Mae loan for the refinancing of Elowyn Townhomes, a 211-unit community in Denver. JLL Capital Markets arranged the five-year, fixed-rate note, while JLL Real Estate Capital will service it.
The owner acquired the asset in March 2022 for $75 million from Koelbel & Co., according to Yardi Matrix information. A month later, the company took out a $53.7 million note from CIBC Bank USA, which was set to mature next year.
After the acquisition, RedPeak renovated the 1975-completed townhome community. The property encompasses 15 two-story buildings spread across 15 acres. The unit mix offers one- and two-bedroom floorplans, ranging between 1,232 and 1,556 square feet.
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Apartments feature private balconies or patios, as well as washers and dryers. Common-area amenities include a clubhouse, a swimming pool, laundry facilities, a playground and an outdoor entertainment area with grilling stations. Additionally, the property offers 250 parking spaces.
Elowyn Townhomes is at 4725 W. Quincy Ave., 12 miles from downtown Denver, while the city’s international airport is 35 miles northeast. The property has access to nearby dining and retail options, as well as hiking trails. Denver Tech Center, the area’s largest employment hub, is less than 10 miles away.
Managing Director Tony Nargi and Executive Managing Director Eric Tupler led the JLL Capital Market Debt Advisory team representing the borrower.
Noticeable growth in Denver multifamily sales
Year-to-date through August, 34 multifamily assets totaling 8,185 units traded in metro Denver, amounting to roughly $2.1 billion, according to Yardi Matrix information. During the same period in 2023, 29 properties—about 5,090 apartments—changed hands for $1.5 billion. The average price per unit dropped year-over-year, from $320,988 to $283,055.
Recent transactions in the area include the $70.5 million sale of Advenir Del Arte Apartmets, a 351-unit community in Aurora, Colo. BMC Investments acquired the asset in a CBRE-brokered deal. The list of notable deals also includes the RMR Group’s acquisition of The Ridge at Lowry, a 240-unit property in Denver. The garden-style community changed hands for $70 million and was rebranded as ARIUM at Lowry.
