LAKEWOOD, CO—Holliday Fenoglio Fowler, L.P. has closed the $48.25 million sale of and arranged $37.7 million in financing for Carmel Bear Creek, a 224-unit, class A apartment community near Denver.
HFF marketed the property on behalf of the seller, Carmel Partners. The asset was purchased by Jackson Square Properties. Additionally, HFF arranged the seven-year, floating-rate acquisition loan on the buyer's behalf through Freddie Mac's CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program.
Carmel Bear Creek is located at 10117 West Dartmouth Place just north of Highway 285 with frontage along South Kipling Parkway, approximately 12 miles southwest of downtown Denver. Renovated in 2014, the property has a mix of one-, two- and three-bedroom units averaging 922 square feet each. The 11.38-acre property is adjacent to the 9.1-mile Bear Creek Trail that connects downtown Denver with the foothills of the Rockies, as well as other area amenities such as the Daniel L. Schaefer Athletic Complex, a top-ranked public school system, and more than 3.4 million square feet of retail.
The HFF investment sales team representing the seller was led by managing director Jordan Robbins and associate director Jeff Haag.
HFF's debt placement team representing the borrower was led by managing directors Charles Halladay and Josh Simon.
Based in San Francisco, Carmel Partners is a premier, full-service real estate investment firm specializing in multifamily transactions within the United States. Jackson Square Properties is a private real estate investment company located in the San Francisco Bay Area that specializes solely in the purchase and ownership of multifamily apartment communities.
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