JLL created $ 103 million in agency debt to fund Denver-based investor Treeline Multifamily Partners‘acquisition of a 500-unit rental complex located just northwest of Denver, according to JLL.
The seven years, Freddie mac-a back-to-back financing, which JLL Capital Immobilier – a Freddie Mac Optigo approved lender – was used to purchase approximately $ 154.1 million from Treeline Bell Summit in Flatirons, a major rental property located in Broomfield, Colorado, a growing suburb between two of the state’s major subways, Boulder and Denver.
Treeline bought the asset from Greensboro, a North Carolina-based multi-family investment and management firm Bell Partners in a deal that closed just days before Thanksgiving last year, according to area public records.
The deal was on largest multifamily business in the region in 2020, according to a December report from Broomfield Company.
JLL Capital Markets represented Bell Partners in the sale of the property and also arranged the financing for the acquisition of Treeline. JLL Jordan robbins and Pamela Koster represented Bell Partners, while Josh simon and Rob bova worked for Treeline.
Built in 2004, the property is located at 210 Boulevard du Sommet at Broomfield. Its 500 units include one and two bedroom residences, ranging in size from 716 to over 1,400 square feet, with in-unit laundry facilities. It also offers a range of amenities, including a year-round saltwater swimming pool, Jacuzzi, two dog parks, a fitness center with classes, a yoga studio, a coffee bar, BBQ areas, a playground and covered parking for residents, among which a few other offerings, according to property information via a website hosted by the Denver-based National Multi-Family Management Company Mission Rock Residential. Mission Rock was approached by the new owners by the end of the year to manage the asset, according to a Dec. 30 announcement.
“This community offers a prime location in Metro Denver and Boulder, and we are excited to be able to bring our Mission Rock standards to residents right here in our own city,” said the President of Mission Rock. Patricia hutchison said in a statement as part of the announcement.
The December 30 announcement also indicated that Treeline had renamed the property Summit in Flatirons, by removing the word “Bell” from the name, which referred to the previous property.
Bell Partners bought the complex in 2016 – then called AMLI at Flatirons – for just over $ 116 million, according to public records and previous reports on the transaction. The year before, the company had caused a sensation by purchasing the 1,206 units The horizons at Rock Creek – later renamed Bell irons – for $ 255 million, which at the time was the largest multi-family purchase ever in the state of Colorado, according to a 2015 report by Denver Business Journal. The huge Bell Flatirons complex is located directly across from Summit at Flatirons.
In the same year that Bell Partners acquired Summit at Flatirons, the company deployed more than $ 13 million to renovate units and common areas. This work included the addition of stainless steel appliances, vinyl plank flooring, quartz countertops, new lighting, the relocation of the site’s fitness center and yoga studio, as well as improvements to fitness equipment and bicycle storage, according to information from JLL. .
Monthly property rents currently range from just under $ 1,400 for one-bedroom apartments to around $ 2,250 for two-bedroom apartments, according to listing information from Apartments.com.