Capitalization arranged for Denver-area multi-housing development
JLL Capital Markets arranged the financing for the to-be-built 148-unit Iota Fox Station in an emerging submarket
DENVER, April 18, 2022 – JLL Capital Markets announced today that it has capitalized Iota Fox Station, a 148-unit, Class A, type III podium apartment development in the burgeoning Fox Station neighborhood of Denver, Colorado.
JLL worked on behalf of the developer, Highland Development Company.
With an average of 495 square feet, the studio, one-bedroom and two-bedroom apartment units of Iota Fox Station will include stainless steel appliances, in-unit washers and dryers, under-cabinet lighting, luxury vinyl tile flooring, edgeless glass shower doors, keyless entry and floor-to-ceiling windows. The seven-story community will offer amenities such as a best-in-class fitness center, a sky lounge, co-working spaces, multiple flexible lounge areas, electric car charging stations, a dog wash, a bike wash, and a coffee bar.
Located at 500 W. 41st Ave., the property is adjacent to the 41st and Fox RTD Station and proximate to I-70 and the I-25/I-70 exchange, providing access to downtown Denver and the broader metro. In addition to transit options, the project will have views of downtown Denver and the Rocky Mountains and will be walkable to surrounding neighborhoods, including the Highlands, RiNo and Sunnyside. Residents will also be near the over 75 restaurants and bars, more than 25 retails shops,15 parks and trails and the 41-acre Fox Park redevelopment that will serve as a transformative mixed-use center for North Denver.
The JLL Capital Markets Debt and Equity Advisory team representing the borrower was Director Rob Bova.
“Iota Fox Station is an exciting project located in Fox Station, a rapidly changing and burgeoning Denver submarket,” said Bova. “The Highland Development Company team did an excellent job programming the site to the needs of the submarket and future tenant base, which was reflected in kind through robust capital interest. The development team had the foresight to identify, program and move quickly through a rapidly evolving capital markets environment in order to be a trailblazer for the neighborhood.”
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 and sales 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 $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Highland Development Company
Highland Development Company is a Denver-based developer of uncommon communities that bring people together to share experiences and create authentic connections. HDC aims to create homes with thoughtful details and signature character that residents are proud to call home. For more information, visit HighlandDevelopmentCo.com.