Lakewood Multifamily Community Lands New Owner
- Sep 10, 2015
By Ioana Neamt, Associate Editor
A Bay Area investor has scooped up a 224-unit, Class A apartment community in Denver’s Lakewood submarket in a deal secured by HFF.
Jackson Square Properties purchased Carmel Bear Creek from San Francisco-based Carmel Partners for a whopping $48.2 million. Working on behalf of the buyer, HFF also managed to secure a $37.7 million acquisition loan for the property, through Freddie Mac’s CME Program. The seven-year, floating-rate securitized loan will be serviced by the brokerage firm through its Freddie Mac Program Plus Seller/Services program.
Located at 10117 W. Dartmouth Place, the 19-year-old Carmel Bear Creek—now Crossing at Bear Creek—is conveniently situated just north of Highway 285 and roughly 12 miles from downtown Denver. The 11.3-acre property offers a 224 one-, two- and three-bedroom units averaging 922 square feet each. According to data from Yardi Matrix, the community also includes a fitness center, business center, clubhouse, swimming pool, and 250 partially covered, grade-level parking spaces.
An HFF investment sales team led by Managing Director Jordan Robbins and Associate Director Jeff Haag represented Carmel Partners in the transaction. Jackson Square was represented by an HFF debt placement team led by managing directors Josh Simon and Charles Halladay.
Image courtesy of HFF