DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $38 million sale of and arranged $31.44 million in acquisition financing for Rockledge Bear Valley, a 230-unit, garden-style multi-housing community in Denver, Colorado.
HFF marketed the property exclusively on behalf of Jackson Square Properties. Advenir, Inc. purchased the asset. Additionally, working on behalf of the new owner, HFF placed the three-year, full-term, interest-only, floating-rate loan with two 12-month extension options through Freddie Mac’s (Federal Home Loan Mortgage Corporation) Green Program and Value-Add Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
Rockledge Bear Valley is situated on a 7.25-acre site at 3550 South Kendall Street in southwest part of Denver near the Lakewood suburb. The property is proximate to Highway 285 and five miles from Denver’s financial center, which is home to the largest cluster of federal workers west of Washington, D.C. Additionally, the community is approximately 10 miles from downtown Denver. The seller has recently renovated 131 of the total units, which average 807 square feet. The 10-building property features apartment homes with vaulted ceilings, private balconies, upgraded kitchens and energy-efficient double-paned windows. Rockledge Bear Valley’s community amenities include a state-of-the-art fitness center, WiFi Café, dog park, business center, outdoor grilling oasis, outdoor sport court, bocce ball court, resort-style pool and outdoor lounge with a fireplace.
The HFF investment sales team representing the seller was led by managing director Jordan Robbins and associate director Jeff Haag.
The HFF debt placement team representing the new owner was led by senior managing director Eric Tupler and managing director Josh Simon.
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 75 communities with 20,000 units in 10 states.
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 22,000 multifamily units valued at just under $3.3 billion. Advenir’s current portfolio consists of 11,500 apartment units valued at more than $2.3 billion. In addition to Advenir, Inc., Advenir has a Property Management Company with 315 employees and regional offices in Florida, Texas and Colorado; and a Construction Management Company focused on multifamily development and rehabilitation.
About HFF: Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated 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.