JLL Capital Markets announced that it has completed the $37.25 million sale and $28.5 million financing of the Cottonwood Terrace apartments located at 2864 Dublin Blvd in Colorado Springs, Colorado.
JLL worked on the behalf of the seller, Peak Capital, to complete the property sale to Oak Coast Properties. JLL also worked on behalf of Oak Coast Properties to secure the 12-year, fixed-rate loan through Freddie Mac. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.
The garden-style Cottonwood Terrace apartments consist of 20 buildings with 200 units, averaging 819 square feet, atop 8.27 acres. Cottonwood Terrace is centrally positioned near Colorado Springs’ largest employment hubs and most notable retail centers, such as the 1.2-million-square-foot Chapel Hills Mall. Additionally, the apartment community is in close proximity to the U.S. Air Force Academy and the U.S. Olympic Headquarters, along with some of Colorado’s most desirable hiking and outdoor recreation sites like Garden of the Gods, Manitou Springs and Pike’s Peak.
“Our apartments portfolio continues to perform and beat expectations, even with COVID-19 as a backdrop,” Phil Nahas, Managing Partner of Oak Coast Properties. “Thus, we are comfortable continuing to acquire quality multifamily properties like Cottonwood Terrace.”
JLL’s Capital Markets team representing the seller is led by Managing Director Jordan Robbins and Directors Mack Nelson and Chris White. Financing is led by Senior Managing Director Charles Halladay, Senior Director Brock Yaffe and Director Rick Salinas.
“Cottonwood Terrace is a great investment opportunity with a historically strong performance,” said Robbins. “It is a tremendous value-add property with plenty of room for renovations to continue increasing the value of the community.”
“Colorado Springs continues to be sought after by a growing amount of capital,” added Nelson. “The sales process was competitive, resulting in strong pricing and excellent execution by Oak Coast, even during the global pandemic.”
JLL delivers multihousing 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.
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.