The investment was made in a joint venture between Utah-based Bridge Investment Group and Buchanan Capital Partners, the division of Buchanan Street Partners that makes equity and mezzanine investments in commercial and multifamily property in the western U.S. Bridge Investment Group will operate the apartment community. It plans to reposition it with $1.3 million in upgrades and new management and marketing plans.

Timberwood is near the fledgling Fitzsimmons Medical Center and Bioscience Park, which will include the 217-acre University of Colorado Health Science Center and Children's Hospital, and likely a new VA Hospital. The $4.5-billion Fitzsimons project is expected to create 34,000 new jobs in the immediate area over the next six years, perhaps making it one of the few hot spots in the overbuilt metro apartment market. The 22-building garden level Timberwood Apartments includes 104 one-bedroom units and 232 two-bedroom units, and is more than 90% occupied.

The Buchanan Capital Partners team of Jim Ebert, SVP, and Jack Kappe, VP, directed the investment. Buchanan's investment was paired with equity from Bridge Investment Group and a $14.1-million loan from Wachovia.The conduit financing was arranged by Brad Andrus of Bridge Realty Capital, a Salt Lake City-based commercial mortgage banker and a wholly owned subsidiary of Bridge Investment Group.