Sares Regis Group has secured a $140 million, five-year, floating rate loan held by Mesa West Capital for the acquisition and improvement of Terracina, a 386-unit multifamily community in Broomfield, Colo. JLL arranged the financing. Sares Regis Group bought the property in July for $190 million from The Connor Group, according to Yardi Matrix. The asset last traded in 2018, when the current seller purchased it for $106 million from Griffis Residential, according to the same data provider.
Apart from the acquisition, part of the loan will be used for the repositioning of the property. The planned capital improvement plan will include upgrades to both apartments and common areas.
A multifamily property between Boulder and Denver
Built in 2010, Terracina Apartments is located at 13620 Via Varra Road and encompasses one- and two-bedroom units between 644 and 1,288 square feet, equipped with washers and dryers. Common-area amenities include a swimming pool with hot tub, a clubhouse, a coworking lounge, a fitness center, a spa center, a dog park and pet wash, a grilling area, an outdoor games space and 564 parking spots.
The four-story, four-building property is situated near Northwest Parkway and the Denver-Boulder Turnpike, 10 miles from University of Colorado, 11.3 miles from downtown Boulder and within 20 miles of downtown Denver. Major employers in the area include SCL Health Medical Group, Trimble, Oracle and Vail Resorts.
Terracina Apartments was 95.1 percent occupied at the time of closing. JLL Managing Director Brian Torp worked on behalf of the borrower.
According to Yardi Matrix research, Denver ranked second among Western markets for investment activity, with $1.3 billion in multifamily sales in the first quarter of 2022. The market also reached the highest price per unit in that period and one of the biggest sales was recorded at the same time, when MG Properties Group bought a 564-unit multifamily asset for $141 million.