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January 5, 2021 Comments Off on Denver-Area Multifamily Sold for $154M Views: 1057 Phoenix & Southwest News, Southwest News

Denver-Area Multifamily Sold for $154M

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An affiliate of Treeline Multifamily Partners Ltd. acquired Bell Summit at Flatirons in Broomfield, one of Denver metro’s fastest-growing suburbs, for $154.05 million. The seller of the 500-unit multifamily property at 210 Summit Blvd. was Bell Partners.

Built in 2004, the community offers one- and two-bedroom units. The property underwent more than $13 million in unit and common area renovations in 2016. Improvements included upgrading units with stainless-steel appliances, new vinyl plank flooring, quartz counters, new lighting, and repainted hallways.

The fitness center and yoga studio was relocated and received upgraded equipment and bike storage. Community amenities include a business lounge, resort-style pool and jacuzzi, barbecue areas and resident lounge and courtyard.

JLL Capital Markets’ Jordan Robbins and Pamela Koster arranged the sale. JLL’s Josh Simon and Rob Bova secured $103 million in acquisition financing on behalf of the buyer. The seven-year Freddie Mac loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender.

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