Advenir Goes Shopping in Aurora
- Sep 18, 2015
By Ioana Neamt, Associate Editor
Another week brings another multifamily deal to the Mile-High City.
Atlanta-based Wood Partners has parted ways with Del Arte Lofts and Flats, a 12-building, 351-unit multifamily community in Aurora, Colo. The buyer—Aventura, Fla.-based Advenir Inc.—enlisted the help of HFF to secure $41.8 million in financing through Freddie Mac’s CME Program.
The seven-year, 2.28 percent, adjustable-rate securitized loan with three years interest will be serviced through HFF’s Freddie Mac Program Plus Seller/Services program. Loan proceeds were used to acquire the asset, at a sale price of $51.9 million—or $147,971 per unit—according to Yardi Matrix data. An HFF debt placement team led by Josh Simon and Eric Tupler represented the buyer/borrower in the deal.
Advenir will rebrand the property as 151 S. Joliet Circle Advenir at Del Arte, and will invest in a minor capital improvement program to enhance the asset’s overall value. The 29-year-old property is currently 93 percent leased, and is conveniently located less than ten miles southeast of Denver’s central business district. Advenir at Del Arte is also in close proximity to the Lowry Air Force Base and the 578-acre Fitzsimons/Anschutz Medical Campus.
Featuring 351 studio, one-, two-, and three-bedroom units, the 11.7-acre community incorporates amenities such as a resort-style swimming pool, fitness center, clubhouse with business center, 422 parking spaces, and 17 laundry facilities.
Image courtesy of Yardi Matrix