$90.4M in capital secured for Opportunity Zone multi-housing development near Denver
JLL Capital Markets arranged the entire capital stack for Claro at High Point
DENVER, Nov. 15, 2021 – JLL Capital Markets announced today that it has arranged $90.4 million in combined joint venture equity and construction financing for Claro at High Point, a 365-unit, Class A, garden-style multi-housing development in an Opportunity Zone within the Denver suburb of Aurora, Colorado.
JLL worked on behalf of the developer, Prime West, to arrange opportunity zone joint venture equity through Bridge Investment Group Holdings, along with securing construction financing from a national bank.
Claro at High Point is in the High Point live-work-play master-planned community, which spans 1,800 acres with plans for 3,000 single-family and multi-housing households, 10 million square feet of business park development, up to 500 thousand square feet of retail, 300 acres of open space and 13 miles of hiking and biking trails.
Once completed in summer of 2023, Claro at High Point will offer residents one-, two- and three-bedroom units averaging 908 square feet and feature balconies or patios, central A/C, full-sized washers and dryers, kitchen islands and dishwashers. The community amenities will include a pool and spa with cabanas, co-working area, clubhouse, controlled entry, fitness center, off-leash dog park, dog wash, bike repair and ski tune shop and more. RATIO Architects will serve as the project’s architect, and Catamount Constructors Inc. will perform general contractor services.
Situated at the northeast corner of 65th Avenue and Lisbon Street, residents of Claro at High Point will be positioned only 12.5 miles from downtown Denver with proximity to nearby highways, including E-470 and Interstates 70 and 225. Adding to the connectivity is the commuter rail station featuring a direct connection to both the airport and downtown Denver’s Union Station via the A-line, along with connection to the R-line that accesses the major employment center at Fitzsimons. Additionally, the development is 20 minutes from the greater Denver metro area’s major business centers.
With 300 days of sunshine, a walkable downtown, thriving arts and culture, award-winning culinary scene and the Rocky Mountains as a backdrop, Denver offers an affordable mix of urban sophistication and outdoor adventure. Since 2010, Denver has experienced a 17 percent population growth. Additionally, in 2018, Colorado saw in-migration of nearly 227,000 individuals, which is a 1.6 percent year-over-year increase. While ranking in the top 10 among the major MSA’s, Denver’s cost of living is 21 percent lower than the West Coast’s average.
The JLL Capital Markets Debt Advisory team that represented the developer was led by Managing Director Leon McBroom, Managing Director Mark Erland and Associate Will Haass.
“Claro at High Point will provide attainable housing options for the airport submarket, which is among the fastest growing job centers in the state,” McBroom said. “The development’s location within an Opportunity Zone, coupled with its low garden basis, fueled a competitive capital raise, and we are excited for Prime West and Bridge to bring their vision to life.”
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Prime West
Prime West has been a premier real estate developer in Colorado’s Front Range since 1981. From inception, the core philosophy of Prime West has remained the same: to develop best-in-class buildings with an emphasis on quality, reliability, and relationships. Over the past several decades, Prime West has completed over seven million square feet of commercial projects.
About Bridge Investment Group Holdings Inc.
Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $28.7 billion of assets under management as of June 30, 2021. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: multifamily, affordable housing, seniors housing, office, development, logistics net lease, logistics properties, debt strategies and agency mortgage-backed securities.