DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $48.25 million sale of and arranged $37.7 million in financing for Carmel Bear Creek, a 224-unit, Class A apartment community in Lakewood, Colorado.
HFF marketed the property on behalf of the seller, Carmel Partners. The asset was purchased by Jackson Square Properties. Additionally, HFF arranged the seven-year, floating-rate acquisition loan on the buyer’s behalf 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.
Carmel Bear Creek is located at 10117 West Dartmouth Place just north of Highway 285 with frontage along South Kipling Parkway, approximately 12 miles southwest of downtown Denver. Renovated in 2014, the property has a mix of one-, two- and three-bedroom units averaging 922 square feet each. The 11.38-acre property is adjacent to the 9.1-mile Bear Creek Trail that connects downtown Denver with the foothills of the Rockies, as well as other area amenities such as the Daniel L. Schaefer Athletic Complex, a top-ranked public school system, and more than 3.4 million square feet of retail.
The HFF investment sales team representing the seller was led by managing director Jordan Robbins and associate director Jeff Haag.
HFF’s debt placement team representing the borrower was led by managing directors Charles Halladay and Josh Simon.
About Carmel Partners: Based in San Francisco, Carmel Partners (Carmel) is a premier, full-service real estate investment firm specializing in multifamily transactions within the United States. Founded in 1992, Carmel also has offices in New York, Irvine, Denver, Seattle, Washington, D.C. and Honolulu. Carmel is currently pursuing direct value-add apartment properties, ground-up development, debt investments and joint venture deals in its core markets of Northern and Southern California, New York, Seattle, Denver, Washington, D.C. and Hawaii.
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 HFF: 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.