Denver multi-housing community secures $12.6M financing
JLL Capital Markets arranged the acquisition financing for the 52-unit Signalmen Apartments located within an Opportunity Zone
DENVER, Nov. 3, 2022 – JLL Capital Markets announced today that it has arranged $12.6 million in acquisition financing for Signalmen Apartments, a 52-unit, Class A, luxury, boutique apartment community located in the Sloan’s Lake neighborhood of Denver, Colorado.
JLL represented the borrower, Armada Venture Partners, to secure the floating-rate loan.
Completed in 2022, Signalmen Apartments features studio, one- and two-bedroom units with an average unit size of 527 square feet. Units feature high-end finishes, stainless steel appliances, in-unit washers and dryers, quartz countertops and individual heating and cooling units. Community amenities include a 1,000-square-foot fitness center, covered parking and bike storage.
Situated at 1259 Newton St. within an Opportunity Zone, the property is strategically located near the numerous dining and retail options that Colfax Avenue and the Sloan’s Lake neighborhood have to offer. 552,000-square-feet of retail sit within one mile of the property. Additionally, the community is 0.1 miles from Perry RTD Station and three miles from downtown Denver.
The JLL Capital Markets team representing the buyer was led by Senior Managing Director Leon McBroom and Director Rob Bova.
“Signalmen Apartments is a best-in-class property that is strategically positioned to take advantage of the massive growth in the Sloan’s Lake neighborhood. Capital providers recognized this, and as a result, we were able to find an accretive financing solution through a challenging interest rate environment,” said Bova.
Signalmen Apartments is managed by Boutique Apartments™, Denver’s innovative multifamily property management company.
“Our intimate knowledge of the Denver apartment market, combined with our seasoned management, leasing and marketing teams makes for a successful lease-up and value-build for our client and their best-in-class investment,” says Nick Costanzo, Boutique Apartments’ President and COO.
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 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.