$68.25M sale of Denver multi-housing community closes

LOS ANGELES, March 14, 2024 – JLL Capital Markets announced today that it closed the $68.25 million sale and the $43.177 million acquisition financing of Allure Apartments, a 252-unit, core-plus, garden-style apartment community located in the Cherry Creek South neighborhood of Denver, Colorado.

JLL worked on behalf of the seller, and procured the buyer, Gelt, Incorporated. JLL also worked on behalf of the new owner to secure the seven-year loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

Built in 2002, Allure Apartments feature expansive one- and two-bedroom units, averaging 1,010 square feet. Unit finishes include stainless-steel appliances, tile backsplash, plank-wood style flooring and in-unit washers and dryers. Community amenities include a 24-hour fitness center, detached garages, a business center, a coffee bar and a residential clubhouse.

Situated at 1300 S, Willow St., Allure sits within the coveted, A-rated Cherry Creek school district and boasts unparalleled access to some of Metro Denver’s largest employment hubs, including the Central Business District, Cherry Creek, Fitzsimons Medical Campus, Denver Tech Center and the Southeast Business Corridor. In addition, it is a five-minute drive to Gardens on Havana Shopping Center and a 10-minute drive to Cherry Creek Shopping Center.

The JLL Capital Markets Investment Sales Advisory team was led by Senior Managing Director Jordan Robbins and Director Alex Possick. Managing Directors Brandon Smith and Annie Rice led the JLL Capital Markets Debt Advisory team.

“When deals, like Allure, have high mission affordability with the agencies, it allows us to negotiate a competitive loan spread. The compelling spread on this transaction, which included a rate buy down, allowed the sponsor to purchase this asset at a low basis with positive leverage relative to the cap rate,” said Smith.

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. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

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 sales and 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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