HFF closes $42 million sale of and secures $33.6 million financing for 292-unit apartment community in southeast Denver
DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured acquisition financing for Cypress Point, a 292-unit, garden-style apartment community in southeast Denver, Colorado.
HFF marketed the property on behalf of Jackson Square Properties. Advenir, Inc. (Advenir) purchased the offering for $42 million free and clear of existing debt. Additionally, HFF assisted the new owner in securing a $33.6 million, seven-year, 2.75 percent, floating-rate loan with three years of interest only through 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. Advenir will rebrand the property as Advenir@Cherry Creek South and will implement a capital improvement program to achieve greater rental premiums.
Cypress Point is located at 1211 South Quebec Way near the intersection of South Quebec Street and Leetsdale Drive, approximately seven miles southeast of downtown Denver. Situated on 11.36 acres, the property offers convenient access to Interstate 25, Cherry Creek Shopping Center/Cherry Creek North, Cherry Creek State Park, Highline Canal Trail and many of Denver’s major employment centers. The property has 15 two- and three-story residential buildings, which house 292 one- and two-bedroom units averaging 815 square feet each. Community amenities include a swimming pool, spa, tennis court, basketball court, volleyball courts, state-of-the-art fitness center, clubhouse, internet café, lounge and business center.
The HFF investment sales team representing Jackson Square Properties was led by Jordan Robbins and Jeff Haag.
HFF’s debt placement team representing Advenir was led by Josh Simon and Eric Tupler.
About Jackson Square Properties
Jackson Square Properties is a private real estate investment company located in the San Francisco Bay Area that specializes solely in the purchase and ownership of multifamily apartment communities. Founded in 2004, Jackson Square Properties has expanded over the years to own a diverse pool of multifamily assets totaling more than 60 communities with 18,000 units in 10 states and a value in excess of $2.5 billion.
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 16,500 multifamily units valued at more than $2.2 billion. Advenir’s current portfolio consists of 8,700 apartment units valued at more than $1.25 billion. In addition to Advenir, Inc., Advenir has a Property Management Company with 260 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.