$11.8M acquisition financing arranged for Willowbrook Apartments near Denver
JLL Capital Markets arranged a loan for the multi-housing community in Westminster
DENVER, August 16, 2021 – JLL Capital Markets announced today that it has arranged a $11.8 million acquisition financing for Willowbrook Apartments, a 95-unit, garden-style, multi-housing community in the Denver suburb of Westminster, Colorado.
JLL worked on behalf of Epic Investment Services to secure the seven-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Willowbrook Apartments comprises studio and one-bedroom units ranging from 517 to 715 square feet. A renovation project was underway by the seller, which demonstrated strong value-add potential. Renovated units include upgraded kitchen and appliances, new light fixtures and flooring, as well as washers and dryers. Community amenities feature a community picnic and barbeque area, swimming pool, leasing office and laundry facilities.
Located at 7135 Raleigh St., the community resides in Westminster, a first-ring suburb in the metro Denver area. Willowbrook Apartments benefits from its central location within Westminster and proximity to downtown Denver. Retail centers within five miles of the property include a Planet Fitness, Home Depot, Sam’s Club and Costco. The apartments are less than five miles from four high schools, 14 elementary schools and a variety of other education centers. Residents have quick access to recreational locations such as England Park, Hidden Lake Park, Faversham Park, Secrest Rec Center, Apex Community Rec Center and Little Dry Creek Trail.
The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Director Eric Tupler and Associate William Haass.
“In acquiring Willowbrook Apartments, we expand our multifamily fund to the Denver metropolitan area,” said Allan Okabe, Senior Vice President at Epic Investment Services. “The focus of our fund remains acquiring multifamily assets that have significant value-add upside in select U.S. markets that demonstrate strong market fundamentals such as employment, population growth and reliable infrastructure. Through the commitment of our team and key partners, including JLL, we continue to execute our growth strategy and deliver value for our investors.”
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Epic Investment Services
Epic Investment Services, which includes its wholly owned subsidiary MDC Realty Advisors in the United States, is a fully integrated North American real estate platform. Epic’s Canadian head office is located in Toronto, Ontario, and its U.S. head office is located in Denver, Colorado. Epic’s portfolio comprises over 30 million square feet and $17.5 billion in assets under management in office, retail, industrial and multi-family residential properties.
For more information on Epic Investment Services, visit epicinvestmentservices.com.