$29.8 million financing for 310-unit apartment community in Colorado Springs, Colorado arranged by HFF
DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $29.8 million in financing for Sunset Creek, a 310-unit apartment community in Colorado Springs, Colorado.
Working on behalf of Advenir, Inc., HFF placed the seven-year, 2.49 percent, adjustable-rate loan with three years interest only with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. Loan proceeds were used to acquire the asset. Advenir will rebrand the property as Advenir at The Village and will implement a capital improvement program to achieve great rental premiums.
Advenir at The Village is located at 5400 North Nevada Avenue approximately seven miles north of downtown Colorado Springs and nine miles south of the U.S. Air Force Academy along Interstate 25. Situated on 33 acres, the property is adjacent to the University of Colorado – Colorado Springs (UCCS) campus, which is home to 11,000 students, and borders the newly-constructed University Village Colorado shopping center that is occupied by Colorado Springs’ only Trader Joe’s. The community features one-, two- and three-bedroom floor plans and amenities such as a resort-style swimming pool, hot tub, tennis court, volleyball court, fitness center, picnic area and offers access to 40 miles of jogging and bicycle trails along the Santa Fe Trail.
The HFF debt placement team representing the borrower was led by Josh Simon and Eric Tupler.
“Sunset Creek is uniquely positioned across the street from UCCS, the fastest growing university in the state and shares the property line with the city’s most robust retail center," said Advenir’s chief acquisition officer Todd Linden. “We are confident that we can add value by making significant improvements to the asset in order to garner increased rents and asset appreciation.”
About Advenir, Inc.
Founded in 1996, Advenir, Inc. is a real estate investment company headquartered in Aventura, Florida (Miami-Dade). Advenir acquires and operates income multifamily rental communities throughout the United States, on behalf of high-net-worth and institutional investors. Since inception, Advenir has owned and operated 15,500 multifamily units valued at more than $2.0 billion. Advenir’s current portfolio consists of 8,760 apartment units valued at more than $1 Billion. In addition to Advenir, Inc., Advenir has a Property Management Company with 275 employees and regional offices in Florida, Texas, and Colorado; and a Construction Management Company focused on multifamily development and rehabilitation.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.