JLL closes sale and financing of Copper Canyon
222-unit apartment community located in the high barrier-to-entry suburb of Highlands Ranch sells to CARROLL
DENVER, September 16, 2019 – JLL announced today that it has closed the sale and financing of Copper Canyon, a 222-unit, garden-style apartment community in the Denver suburb of Highlands Ranch, Colorado.
JLL marketed the asset exclusively on behalf of the seller and procured the buyer, CARROLL. Additionally, JLL worked on behalf of the new owner to secure a 10-year, floating-rate acquisition loan through Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.
Copper Canyon is located at 3880 E. County Line Road near the intersection of C-470 and University Boulevard. The community, which is situated on 13 acres, offers residents easy access to employers in and around the Denver Tech Center, metro Denver’s premier employment center. Copper Canyon consists of a mix of one-, two- and three-bedroom units averaging 884 square feet that feature fully equipped kitchens, garden tubs, in-unit washers and dryers, spacious closets and balconies with mountain views. Community amenities include a swimming pool with heated spa, courtyard with grilling area, 24-hour fitness center, business center, playground and detached garages. The property was approximately 96 percent occupied at closing.
The JLL Capital Markets team that represented the seller was led by Managing Directors Dave Martin and Pam Koster and Vice President Brian Mooney.
JLL’s Capital Markets team that arranged the acquisition financing for the borrower/buyer was led by Managing Director Matt Steffen.
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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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
CARROLL, a privately held real estate company, was founded in 2004. With headquarters in Atlanta, CARROLL focuses on multifamily properties, including acquisitions, property and asset management services, and fund management. The firm has raised over $2.4 billion of equity through CARROLL sponsored funds and joint ventures. CARROLL has successfully purchased, developed or sold over $10.2 billion of real estate. CARROLL also has regional offices in Houston, Raleigh and Tampa.
The company manages over 35,000 multifamily units in eight states and has purchased other multifamily owner/operators throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen more than $200 million of construction management for both its owned and fee partners. From due diligence to execution, CARROLL has the internal capabilities and the external relationships to identify, underwrite, and close transactions. For more information, visit www.CarrollOrganization.com.