JLL Money Markets has arranged acquisition and renovation funding for the Landmark and Stone Creek Flats, a two-residence portfolio positioned in Fort Collins. The buy and renovation fees will whole more than $81 million.
Brickstone Companions, a whole-services serious estate expense and advancement firm located in Nashville, Tennessee, obtained the portfolio via a nationwide stability sheet financial institution. The mortgage was secured for acquisition and repositioning of the property with sizeable capital financial investment options for the interior and exterior of the house.
The portfolio totals 288 a single-, two- and three-bedroom units. Brickstone will embark on a thorough renovation strategy to encompass all models at the two homes. Existing amenities at the attributes incorporate a pet dog park, state-of-the-art fitness center and two heated saltwater pools.
The Landmark apartments are located at 1050 Hobbit St., complete 120 models, 101,184 rentable sq. toes and consist of 12, two- and 3-story structures. The Stone Creek Flats are found at 1225 W. Prospect Rd. and full 168 units, 130,520 rentable square ft and consist of 13 two-story structures. Nestled in Central Fort Collins, the apartments offer you a quaint community location devoid of compromising close by entertainment, dining and retail facilities.
Also boasting scenic ponds and out of doors recreation, the flats are also located considerably less than 1.5 miles from Pineridge Purely natural Area, a preserved parkland with biking and climbing trails the Horsetooth Reservoir, which generates about 570,000 site visitors and consists of 6.5 miles and 1,900 acres of public lands with fishing, boating and biking and Spring Canyon, one particular of most perfectly-recognised parks in the region with athletic services.
The JLL Money Markets crew representing the borrower was led by Senior Director Kristian Lichtenfels and Director Robert Bova.
“We are thrilled to have served Brickstone in capitalizing this enlargement of their Colorado multi-housing portfolio with these two very properly-situated backyard design apartment communities in the expanding Fort Collins market place,” said Lichtenfels. “Brickstone’s substantial investment decision into these 1985 designed properties will be certain solid funds move for many decades to occur.”