DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $57.8 million sale of and arranged $46 million in acquisition financing for Silver Cliff, a 312-unit, garden-style multi-housing community in the south Denver suburb of Englewood, Colorado.
HFF marketed the asset exclusively on behalf of Weidner Apartment Homes. Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor, operator and developer, purchased the unencumbered property jointly with a third-party family office and discretionary-affiliated investment vehicle. Additionally, working on behalf of the new owner, HFF placed the seven-year, fixed-rate loan with three years of interest only amortization with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan allows flexible prepayment in year six to seven and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
Silver Cliff is situated on approximately 10.6 acres at 5275 S. Delaware Street just west of the intersection of South Broadway and Belleview Avenue. Bounded by two of the region’s most affluent suburbs, Greenwood Village and Littleton, the community is proximate to numerous parks, major retailers, the South Broadway corridor and RTD Light Rail service. Silver Cliff has nine residential buildings consisting of one- and two-bedroom units averaging 815 square feet along with a full suite of amenities, including a swimming pool, dog run, playground, 24-hour fitness center, garages and carports and sweeping views of the Rocky Mountains. The property was 97 percent leased at closing.
The HFF investment sales team representing the seller was led by managing director Jordan Robbins and associate directors Jeff Haag and Anna Stevens. HFF’s debt placement team representing the new owner was led by managing director Josh Simon.
About Weidner Apartment Homes
Weidner Apartment Homes was founded in 1977 by Dean Weidner. With a commitment to providing quality apartment home living for all of its residents, Weidner Apartment Homes is currently ranked 17th on NMHC’s top 50 list of apartment management companies and has 48,000 units throughout the U.S. and Canada.
About Phoenix Realty Group LLC
Phoenix Realty Group LLC is a 17-year-old firm focused on multifamily residential properties in higher barrier-to-entry and infill markets. The firm is headquartered in New York with investment and asset management personnel in California and Florida. The firm has three business lines: value-added, new construction and affordable housing. In its value-added strategy, PRG’s goal is to acquire, renovate and reposition Class B urban and suburban multifamily properties in primary and secondary metropolitan areas to increase both ongoing cash flows and overall property appreciation. As of March 31, 2017, PRG manages approximately $1.6 billion in gross real estate assets under management and approximately 10,000 apartment units across the U.S. PRG’s three founders have on average nearly 30 years of successful experience in multiple investment cycles and a track record of more than $12 billion of assets, over 1,000 properties and 130,000 multifamily rental units.
About HFF
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are 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, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.