Durango multi-housing property sells to Denver-based private equity firm
JLL Capital Markets arranges the sale and financing for the 171-unit multi-housing property to Trailbreak Partners
DENVER, September 30, 2020 – JLL Capital Markets announced today that it has arranged the sale of and acquisition financing for Confluence at Three Springs, a 171-unit, garden-style, multi-housing community in Durango, Colorado.
JLL marketed the property on behalf of the seller, GF Properties Group. Denver-based Trailbreak Partners purchased the asset. Additionally, JLL worked on behalf of the borrower to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Confluence at Three Springs comprises seven three-story buildings that house a mix of one- and two-bedroom units that average 845 square feet. The property features direct trail access, a playground, barbeque grill, outdoor lounge, resident lounge, yoga studio and restaurant and bar. The community is situated on 5.95 acres at 150 Confluence Ave. in the master-planned Three Springs community, which was developed by the seller. Completed in 2016 and 2018, the property is one of just two residential projects of this scale completed in the Durango region in the last 15 years.
The JLL Capital Markets Investment Advisory team representing the seller included Directors Mack Nelson and Christopher White.
The JLL Capital Markets Debt Placement team representing the borrower was led by Director Rob Bova and Managing Director Josh Simon.
“Our team was pleased to work on behalf of GF Properties to secure a buyer for Confluence at Three Springs in the dynamic Durango market,” White said. “The strong execution by Trailbreak is evidence of the quality product developed by GF Properties and the enviable success of the entire Three Springs development.”
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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About JLL
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 nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About GF Properties Group
GF Properties Group, LLC is a wholly owned subsidiary of the Southern Ute Indian Tribe Growth Fund engaged in real estate investment, development and management activities through direct ownership and nationally recognized partnerships.