Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured acquisition financing for Cypress Point, a 292-unit, garden-style apartment community in southeast Denver, Colorado.
HFF marketed the property on behalf of Jackson Square Properties. Advenir, Inc. (Advenir) purchased the offering for $42 million free and clear of existing debt. Additionally, HFF assisted the new owner in securing a $33.6 million, seven-year, 2.75 percent, floating-rate loan with three years of interest only through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. Advenir will rebrand the property as Advenir@Cherry Creek South and will implement a capital improvement program to achieve greater rental premiums.
Cypress Point is located at 1211 South Quebec Way near the intersection of South Quebec Street and Leetsdale Drive, approximately seven miles southeast of downtown Denver. Situated on 11.36 acres, the property offers convenient access to Interstate 25, Cherry Creek Shopping Center/Cherry Creek North, Cherry Creek State Park, Highline Canal Trail and many of Denver’s major employment centers. The property has 15 two- and three-story residential buildings, which house 292 one- and two-bedroom units averaging 815 square feet each. Community amenities include a swimming pool, spa, tennis court, basketball court, volleyball courts, state-of-the-art fitness center, clubhouse, internet café, lounge and business center.
The HFF investment sales team representing Jackson Square Properties was led by Jordan Robbins and Jeff Haag.
HFF’s debt placement team representing Advenir was led by Josh Simon and Eric Tupler