PHOENIX — JLL has arranged a $271.9 million recapitalization of an eight-property build-to-rent (BTR) residential portfolio in Arizona, Colorado and Texas. Kevin MacKenzie, Michael Joseph, Brad Miner, Matthew Putterman, Chris Shea, Caroline Novak and Weston Nearon of JLL arranged the debt and equity financing placements on behalf of the borrower, NexMetro, a Phoenix-based BTR developer behind the Avilla Homes brand. The new financing infusions include the assumption of $206 million in agency financing and $65.9 million of preferred equity from Stockbridge. The properties were developed between 2018 and 2019 and include Avilla Camelback Ranch, Avilla Centerra Crossing, Avilla Deer Valley, Avilla Lehi Crossing and Avilla Meadows in Arizona; Avilla Buffalo Run in Commerce City, Colo.; and Avilla Northside and Avilla Heritage in the Dallas-Forth metroplex markets of McKinney and Grand Prairie, respectively. The eight properties total 1,061 units. The most recent recapitalization allows NexMetro to return capital to investors while continuing to tackle its development pipeline, which comprises 60 projects across the Sun Belt in various stages of completion. JLL also closed a previously announced round of financing that included a $78.7 million equity investment from Artemis and $160 million of debt from Blackstone for four NexMetro BTR properties in Arizona …
EVANS, COLO. — Inland Mortgage Capital has originated and closed an $18.3 million nonrecourse bridge loan for a multifamily community in Evans. Located two miles from the University of Northern Colorado, the 192-unit property primarily serves as a student housing community. At the time of financing, the community was 86 percent leased. The undisclosed borrower plans to use the capital for interior and exterior renovations, including upgraded flooring, cabinets and appliances in each unit. All common area amenities will also be updated, including a new clubhouse, resort-style pool, pickleball court, 24-hour fitness center, an outdoor gaming area, two dog parks and a pet spa.
PARKER, COLO. — An affiliate of Meridian Senior Living (Meridian) has acquired Pine Grove Crossing, a seniors housing property in Parker, from a real estate private equity group for an undisclosed price. Meridian will manage the community on behalf of an institutional investor. Completed in 2018, Pine Grove Crossing offers 100 assisted living and 27 memory care units in a three-story building. The community offers weekly shuttle bus excursions, a private transport services for appointments, beauty salon and barbershop, gym with daily fitness classes, library and outdoor patio space. Additionally, the property includes all-day, full-service dining and an onsite bistro for coffee and pastries. At the time of sale, Pine Grove Crossing was 90 percent occupied. The property is situated on 4.4 acres at 19160 Cottonwood Drive. JLL Capital Markets Seniors Housing team represented the seller in the deal.
DENVER — Pinnacle Real Estate Advisors, on behalf of Sharing Connexion Inc., a Colorado-based nonprofit, has arranged the sale of a 1,378-square-foot retail property located at 472 N. Broadway in Denver. SCI – 472 Broadway LLC sold the asset to an undisclosed buyer for $1.2 million. Corey Sandberg of Pinnacle represented the seller in the deal.
GYPSUM, COLO. — JLL Capital Markets has provided an $18.7 million Freddie Mac loan for Red Table Apartments, a multifamily property in Gypsum. Tony Nargi of JLL Capital Market’s Debt Advisory led the team that arranged the 10-year, fixed-rate loan on behalf of the borrower, Brikwell. Located at 765 Red Table Drive, Red Table Apartments offers 77 studio, one- and two-bedroom units in a three-story building. Units feature hard surface LVP flooring, stainless steel appliances and butcher box countertops. Situated on 3.5 acres, the community offers commercial laundry facilities, a basketball court, community grills, a picnic patio area and 45 attached and detached garages. The property was built in 2009 and expanded in 2018.
BAILEY, COLO. — Kaufman Hagan Commercial Real Estate has arranged the sale of a self-storage facility, located at 63716 US Highway 285 in Bailey. The asset traded for $1.3 million, or $80.02 per square foot. Situated on 2 acres, the property offers 123 self-storage units. Ryan Floyd of Kaufman Hagan handled the transaction. The names of the seller and buyer were not released.
DENVER — Equity Commonwealth (NYSE: EQC) is under contract to sell 1225 Seventeenth Street, an office property in Denver, for a gross sales price of $132.5 million. The 709,402-square-foot property is Equity Commonwealth’s last remaining property. The net purchase price is expected to be approximately $124.4 million after credits primarily for contractual lease costs. The undisclosed buyer has completed due diligence, and the earnest money deposit is non-refundable. The sale is scheduled to close later this month. The transaction is subject to customary closing conditions, and there is no assurance that the transaction will close.
COLORADO SPRINGS, CALIF. — Lafayette, Colo.-based Alloy Real Estate Capital has purchased Tech Center VI, a midrise office building at 5575 Tech Center Drive in Colorado Springs. Tech Center VI, an entity managed by Ogilvie Properties, sold the asset for $17.2 million. At the time of sale, the three-story 104,702-square-foot property was 97 percent leased to 17 tenants, most in the aerospace and defense contractor industries. Aaron Johnson, Jon Hendrickson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the deal.
EAGLE, COLO. — JLL Capital Markets has provided a $7.5 million Freddie Mac loan for House Apartments, a multifamily property in Eagle. Tony Nargi led the JLL Capital Market’s Debt Advisory team to originate the 10-year, fixed-rate loan on behalf of the borrower, Brikwell. Situated on 4.8 acres at 85 Pond Road, the three-story property features 54 units totaling 27,838 rentable square feet. Community amenities include an on-site exercise facility, community kitchen, elevator and dedicated work-from-home spaces. The asset was built in 1998.
DENVER — Newmark has directed the sale of an industrial property at 6580 Federal Blvd. in Denver. Joseph Bogetich and Larry Brand sold the asset to 6580 Federal LLC for $1.4 million. Located at 6580 Federal Blvd., the building offers 5,288 square feet of industrial space. John Gustafson of Newmark represented the seller, while Engel & Volkers Denver represented the buyer in the deal.
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