DENVER, CO – JLL Income Property Trust, an institutionally managed daily NAV REIT with more than $5.1 billion in portfolio assets, announced the acquisition of Pinecone Apartments in the Denver suburb of Fort Collins, Colorado. The 13-building, 195-unit garden-style apartment community was bought for approximately $52 million, bringing JLL Income Property Trust’s total residential allocation to more than $2.0 billion, or 43 percent of total assets.
“The addition of Pinecone Apartments increases our residential allocation, an overweight target for us, and fits extremely well with our strategy to invest in well-located multifamily communities with strong demand drivers and high barriers to entry for new competition,” said Allan Swaringen, JLL Income Property Trust President and CEO. “Given its proximity to Colorado State University and the north suburban Denver area, we believe this investment will continue to see strong tenant demand and stable occupancy, making this an attractive, long-term investment for our diversified portfolio.”
Constructed in 1993, Pinecone Apartments recently underwent unit renovations and has maintained a strong average occupancy of 95 percent over the past three years. The community is currently 97 percent leased.
Located 50 miles north of Denver along I-25, Fort Collins is the No. 3-ranked market by LaSalle Research & Strategy on its most recent Small Apartment Market Analysis owing to Fort Collins’s limited construction pipeline, strong long-term vacancy rate of just 4.3 percent (15-year average) and annualized rent growth of 4 percent over the last 15 years. This market’s vacancy rate and rent growth are 1.2 percent and 1.6 percent better than the US average, respectively. The city benefits from a strong labor market, bolstered by Colorado State University, which drives demand for well-located, amenitized apartment communities. The property is also located in an A-rated school district, according to Niche.com, and benefits from several walkable retail amenities.

Powered by WPeMatico

LITTLETON, CO – Walker & Dunlop, Inc. announced that it completed the $134,000,000 sale of Griffis Marston Lake, a 332-unit suburban multifamily community located in Littleton, Colorado. The property is positioned for strong long-term performance, due to its renovation program, significant potential for rent growth, and a lack of new construction in the area.
Walker & Dunlop’s Dan Woodward, David Potarf, Matt Barnett, and Jake Young brokered the sale on behalf of their longtime client, Denver-based Griffis Residential, along with their partner, Pacific Coast Capital Partners. In parallel with the sale of the property, Walker & Dunlop’s Trevor Fase arranged fixed rate, interest-only financing through Fannie Mae on behalf of the buyer, Kennedy Wilson.
Mr. Barnett commented, “Griffis Marston Lake represented an ideal garden-style, value-add opportunity, on the desirable west side of Denver. Our team’s deep relationships with clients brought unprecedented interest to the property throughout the marketing process.” He continued, “We conducted over 30 tours and – through an extremely competitive bidding process – ultimately found the right buyer in Kennedy Wilson. Walker & Dunlop’s financing capabilities also provided a seamless execution for the buyer and seller.”
Built in 2002 on the western edge of Denver, Griffis Marston Lake is an institutional-quality property offering residents convenient access to Red Rocks, downtown Littleton, and major employers in the area including the Swedish Medical Center, Denver Federal Center, and Lockheed Martin. The community appeals to the post-COVID renter demand for a low-density suburban location with larger units, while remaining close to metropolitan amenities. Downtown Denver and the Denver Tech Center are within a 30-minute drive, and the nearby Highway 285 and Interstate-70 enable simple access to the Rocky Mountains.

Powered by WPeMatico

SEATTLE, WA – Bellwether Housing, King County, Washington s largest nonprofit affordable housing provider, has bought 213 affordable homes at two locations: The BLVD, a 136-unit apartment complex in Kent and The Marina Club, a 77-unit in Des Moines. This acquisition is part of Bellwether s strategy to preserve existing affordability levels in lower-cost rental housing in locations highly vulnerable to steep rent increases.
These acquisitions were made possible by the Amazon Housing Equity Fund, a $2 billion commitment to preserve and make more than 20,000 affordable housing units by offering low-rate loans and grants to housing partners, traditional and non-traditional public agencies, and minority-led organizations. The low-cost financing allows Bellwether to compete with commercial-rate buyers who would buy these units with the goal of significantly increasing existing rents.
Bellwether s CEO, Susan Boyd, clarified, The Amazon Housing Equity Fund could not have come at a better time. Our goal has been to preserve as much affordability in King County as we can before it s too late. Public funding sources are severely constrained and have not prioritized this kind of strategy. As we were preparing our hunt for low-cost capital, Amazon announced its Fund. We anticipate this tool will allow us to bring hundreds more units into permanent affordability and prevent hundreds of lower income families from being displaced from their homes.
We are so pleased to be a part of the solution by addressing housing shortages in our region, said Catherine Buell, Director of the Amazon Housing Equity Fund. By teaming up with organizations such as Bellwether Housing, we are able to help grow the housing stock for households making moderate- to low-incomes. These households may include teachers, transit workers and firefighters — people whose jobs may pay a modest income, but whose contributions are invaluable.
The Amazon Housing Equity Fund has made prior investments in Puget Sound including funding $185.5 million in low-rate loans and grants to King County Housing Authority to preserve affordability for 1,000 apartment homes and committing $100 million in low-rate funding to developers to help make and expedite the development of Sound Transit property offered for affordable housing. These latest commitments bring that figure to more than $310 million in loans and grants in the region to date.
Bellwether s preservation strategy has targeted South King County, where the development of light rail and other commercial growth are pushing rents up quicker than other parts of the region, and where immigrants, refugees and other lower income families are particularly vulnerable to displacement.
The financing for these acquisitions also included tax-exempt financing from CitiBank and equity investments from Bellwether Housing.

Powered by WPeMatico