Advenir Kicks Off Value-Add Play in Colorado Springs
- Aug 14, 2015
An out-of-state investor has arranged $29.8 million in financing for a Colorado Springs multifamily community.
Aventura, Fla.-based Advenir Inc. has secured the financing with the help of HFF and its Freddie Mac Program Plus Seller/Servicer program. HFF placed the seven-year, 2.49 percent adjustable-rate loan with Freddie Mac’s CME Program.
Following the purchase of the Sunset Creek community, Advenir plans to rebrand the 46-year-old property as Advenir at The Village and invest in in upgrades and improvements at the site.
Located at 5400 N. Nevada Ave., Advenir at The Village is roughly seven miles away from downtown Colorado Springs and nine miles south of the U.S. Air Force Academy along I-25. The community is also nearby the newly built University Village Colorado shopping center.
“Sunset Creek is uniquely positioned across the street from UCCS, the fastest growing university in the state and shares the property line with the city’s most robust retail center,” said Todd Linden, Advenir’s chief acquisition officer in a prepared statement. “We are confident that we can add value by making significant improvements to the asset in order to garner increased rents and asset appreciation.”
The community offers 310 one-, two- and three-bedroom units, a resort-style swimming pool, fitness center, as well as tennis and volleyball courts.
The HFF debt placement team working on behalf of Advenir was led by Josh Simon and Eric Tupler.
Image courtesy of Yardi Matrix