Bell Summit at Flatirons apartments sold for $154.05M
JLL Capital Markets closed the sale and arranged $103M in acquisition financing of the multi-housing property located in Broomfield, one of Denver’s fastest-growing suburb
DENVER, January 4, 2021 – JLL Capital Markets announced today that it has closed the $154.05 million sale and arranged $103 million in acquisition financing for the Bell Summit at Flatirons (“Bell Summit”) multi-housing property located in Broomfield, one of the fastest-growing suburbs in the Denver metro area.
JLL worked on behalf of the seller, Bell Partners, to complete the sale to the buyer, an affiliate of Treeline Multifamily Partners Ltd. JLL also worked on behalf of the borrower to secure the seven-year loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Bell Summit at Flatirons was built in 2004 and consists of 500 one- and two-bedroom units offering spacious floorplans. In 2016, the property underwent more than $13 million in unit and common area renovations, including upgrading units with stainless-steel appliances, new vinyl plank flooring, quartz counters, new lighting, repainted hallways, relocation of the fitness center and yoga studio, along with upgraded equipment and bike storage. Additional community amenities include a business lounge, resort-style pool and jacuzzi, barbecue areas and resident lounge and courtyard.
The property is located at 210 Summit Blvd. in the affluent suburb of Broomfield, which has become a key driver of the Denver metro area’s labor force. It’s easily accessible to Boulder and Downtown Denver, in addition to the city’s burgeoning technology and innovation employment hubs with industry-leading employers, such as Oracle.
The JLL Capital Markets team representing the seller was led by Managing Directors Jordan Robbins and Pamela Koster. The JLL Capital Markets team representing the buyer was led by Managing Director Josh Simon and Director Rob Bova.
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.
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Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.
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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.