Colorado Springs apartments sold to Oak Coast Properties for $37.25M
JLL Capital Markets completed sale and led financing for 200-unit multi-housing property
DENVER, JULY 30, 2020 – JLL Capital Markets announced today that it has completed the $37.25 million sale and $28.5 million financing of the Cottonwood Terrace apartments located at 2864 Dublin Blvd in Colorado Springs, Colorado.
JLL worked on the behalf of the seller, Peak Capital, to complete the property sale to Oak Coast Properties. JLL also worked on behalf of Oak Coast Properties to secure the 12-year, fixed-rate loan through Freddie Mac. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.
The garden-style Cottonwood Terrace apartments consist of 20 buildings with 200 units, averaging 819 square feet, atop 8.27 acres. Cottonwood Terrace is centrally positioned near Colorado Springs’ largest employment hubs and most notable retail centers, such as the 1.2-million-square-foot Chapel Hills Mall. Additionally, the apartment community is in close proximity to the U.S. Air Force Academy and the U.S. Olympic Headquarters, along with some of Colorado’s most desirable hiking and outdoor recreation sites like Garden of the Gods, Manitou Springs and Pike’s Peak.
“Our apartments portfolio continues to perform and beat expectations, even with COVID-19 as a backdrop,” Phil Nahas, Managing Partner of Oak Coast Properties. “Thus, we are comfortable continuing to acquire quality multifamily properties like Cottonwood Terrace.”
JLL’s Capital Markets team representing the seller is led by Managing Director Jordan Robbins and Directors Mack Nelson and Chris White. Financing is led by Senior Managing Director Charles Halladay, Senior Director Brock Yaffe and Director Rick Salinas.
“Cottonwood Terrace is a great investment opportunity with a historically strong performance,” said Robbins. “It is a tremendous value-add property with plenty of room for renovations to continue increasing the value of the community.”
“Colorado Springs continues to be sought after by a growing amount of capital,” added Nelson. “The sales process was competitive, resulting in strong pricing and excellent execution by Oak Coast, even during the global pandemic.”
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 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 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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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, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Oak Coast Properties
Oak Coast Properties is a real estate investment firm primarily focused on core plus, value-add and opportunistic real estate acquisitions across the United States. Our exclusive platform not only provides collective investment opportunities in direct deals, but also accommodates Joint Venture investments alongside likeminded JV operating partners with experience in their asset classes and geographic locations.
About Peak Capital
Peak Capital Partners owns and manages apartment complexes throughout the United States. Through analytically stringent management, disciplined underwriting and a relentless sourcing of new opportunities, Peak Capital provides equity partners with compelling multi-family investment opportunities that produce portfolio diversification, compelling cash yields, capital appreciation, and tax benefits.