IMT Buys 338-Unit M-F Property in Denver from Wood, CBRE
- Oct 14, 2014
IMT Capital L.L.C. and affiliate IMT Residential, of Sherman Oaks, Calif., have purchased Alta Alameda Station, “a luxurious and eco-conscious apartment home community” in Denver’s SoBo (South Broadway) neighborhood, for an undisclosed amount.
The closing on the property, henceforth named IMT Alameda Station, was held on Sept. 30, according to a spokesperson for HFF, which both marketed the property on behalf of the seller, a joint venture between Wood Partners L.L.C. and CBRE Global Investors, and arranged a five-year, 2-percent floating-rate acquisition financing on behalf of the buyer through Freddie Mac. HFF will service the loan through its Freddie Mac Program Plus Seller/Servicer program.
Completed earlier this year and located at 275 S. Cherokee St., a few blocks from the Alameda light rail station, IMT Alameda Station totals 338 units (studio and one-, two- and three-bedroom floor plans) and is a LEED-Gold property.
Unit amenities include granite countertops, large walk-in closets, in-home washer and dryers, and Bluetooth connections, and community amenities include a rooftop deck with full kitchen and fireplace, a fitness center with cardio room and yoga studio, an on-site bike/ski shop, electric vehicle charging stations, a cyber café and a dog park. The property is currently 93 percent leased.
“The Denver location is an ideal location for us, one slated to see continuous rent growth in the next few years,” Joseph Elhabr, a vice president with IMT Residential, said in a release.
The HFF team representing the seller was led by director Jordan Robbins, associate director Jeff Haag and real estate analyst Jared Buffington.
HFF’s debt placement team was led by senior managing director Mike Kavanau, associate director Trent Niederberger and director Josh Simon.
In an HFF release, Robbins said that as a transit-oriented development “within one of Denver’s most desirable rental areas,” Alameda Station “draws a very high quality tenant base seeking the area’s best amenity package … The property’s lease-up was extremely successful.”
A recovering local economy, job growth driven in part by corporate relocations and lagging single-family home construction are all benefitting the Denver apartment market, according to a second-quarter report from Marcus & Millichap, which also notes strong demand for locations near existing or future light-rail stations.
Though new construction will boost inventory by 4.3 percent (10,400 units) this year, investors reportedly remain confident that high demand will limit increases in vacancy. M&M predicts a vacancy rise of only 60 basis points.