Suburban Denver Apartments Trade for $38M
JLL provided a 10-year, $24.4 million Fannie loan for the acquisition of the 96-unit community in Aurora, Colo.
A partnership between CentrePoint Properties and CenterSquare Investment Management has finalized the acquisition of The Point at Biscay, a 96-unit townhome community in Aurora, Colo. Evergreen Devco sold the property for $37.5 million, according to Arapahoe County records.
The new owner funded the purchase with a $24.4 million Fannie Mae loan originated by JLL. The note carries a 2.61 percent fixed interest rate over a 10-year period and features full-term interest-only payments.
Located on 10 acres at 3382 S. Biscay Way, the property encompasses 20 buildings delivered in 2019. The unit mix has two- and three-bedroom floorplans with sizes between 1,151 and 1,388 square feet. Amenities include a swimming pool, outdoor barbeque stations, a pet spa and a two-car garage in every unit. At the time of closing, the property had an occupancy rate of 98 percent.
Situated a short distance from the busy retail corridor at the intersection between East Hampden Avenue and South Tower Road, the community is 6 miles south of the Buckley Airforce Base. Aurora’s city center is 8 miles northwest and downtown Denver is 18 miles away.
JLL Capital Markets Senior Directors Leon McBroom and Kristian Lichtenfels secured the financing for the borrower. In September, Lichtenfels was part of the JLL team that facilitated a $37.6 million loan for Mountain View Capital’s acquisition of Volta at Voyager, a 200-unit property in Colorado Springs, Colo.