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| Silver Cliff Apartments, 5725 South Delaware Street, Englewood, CO |
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| Jordan Robbins |
DENVER, CO –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the $57.8 million sale of
and arranged $46 million in acquisition financing for Silver Cliff, a 312-unit, garden-style multi-housing community in
the south Denver suburb of Englewood, Colorado.
HFF marketed the asset
exclusively on behalf of Weidner Apartment Homes. Phoenix Realty Group (PRG), a national
multifamily real estate fund manager, investor, operator and developer,
purchased the unencumbered property jointly with a third-party family office
and discretionary-affiliated investment vehicle.
Additionally, working on
behalf of the new owner, HFF placed the seven-year, fixed-rate loan with three
years of interest only amortization with Freddie Mac’s (Federal Home Loan
Mortgage Corporation) CME Program.
The
securitized loan allows flexible prepayment in year six to seven and will be
serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for
Conventional Loans.
Silver Cliff is situated
on approximately 10.6 acres at 5275 South Delaware Street just west of the
intersection of South Broadway and Belleview Avenue. Bounded by two of the region’s most affluent
suburbs, Greenwood Village and Littleton, the community is proximate to
numerous parks, major retailers, the South Broadway corridor and RTD Light Rail
service.
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| Anna Stevens |
Silver Cliff has nine
residential buildings consisting of one- and two-bedroom units averaging 815
square feet along with a full suite of amenities, including a swimming pool,
dog run, playground, 24-hour fitness center, garages and carports and sweeping
views of the Rocky Mountains. The
property was 97 percent leased at closing.
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| Jeff Haag |
The HFF investment sales team representing the
seller was led by managing director Jordan
Robbins and associate directors Jeff
Haag and Anna Stevens.
HFF’s debt placement team
representing the new owner was led by managing director Josh Simon.
Weidner Apartment Homes
was founded in 1977 by Dean Weidner.
With a commitment to providing quality apartment home living for all of
its residents, Weidner Apartment Homes is currently ranked 17th on NMHC’s top
50 list of apartment management companies and has 48,000 units throughout the
U.S. and Canada
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Specialist
HFF | 9 Greenway Plaza,
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 |www.hfflp.com
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