August 24, 2017 Comments Off on Chicago Investor Buys Denver MF for $124M Views: 918 Colorado, National News, Southwest

Chicago Investor Buys Denver MF for $124M

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Chicago-based Magnolia Capital acquired Griffis North Metro in Denver from Greenwood Village, CO-based Griffis Residential for $124 million. The 562-unit multi-housing community in the Northglenn suburb has been renamed Haven 124 at Eastlake Station since it is near the soon-to-open Eastlake/124th light rail station.

The two-phase community is situated on 24.2 acres at 12255 North Claude Court, near 120th Avenue, east of Washington Street and a few blocks east of Interstate 25. The 96%-leased asset includes 25 garden-style buildings consisting of a variety of one-, two- and three-bedroom floor plans with upscale features.

HFF’s Stephen Skok and Leon McBroom arranged $80.6 million in financing. Two separate seven-year, floating-rate loans were placed with Freddie Mac’s Green Advantage Program.

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