LONGMONT, CO—HFF has closed the sale of and arranged financing for two multi-housing communities, Wildwood and Wyndham Apartment Homes, totaling 570 units in Longmont.
HFF marketed the property on behalf of the seller, an institutional client advised by CenterSquare Investment Management, a BNY Mellon Company. Advenir purchased the asset free and clear of existing debt. HFF also worked on behalf of Advenir to procure 80% loan-to-value, fixed-rate acquisition financing in two separate transactions through Freddie Mac's (Federal Home Loan Mortgage Corporation) CME Program.
Wildwood and Wyndham were both fixed for 10 years with five years of interest only at 3.86% and 3.84% respectively. The securitized loans will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program.
Wildwood Apartment Homes is located at 3226 Lake Park Way just north of McIntosh Lake in Longmont. Completed in 1988 and partially renovated in 2010, the garden-style property has 15 three-story buildings that are 95% leased. The 210-unit asset offers one- and two-bedroom floor plans averaging 859 square feet each. Community amenities include a swimming pool, spa and clubhouse.
Wyndham Apartment Homes is located at 2540 Sunset Drive, approximately 1.3 miles east of Wildwood Apartment Homes. Completed in 1990 and partially renovated in 2010, the property has 18 three-story, garden-style buildings comprised of 360 one- and two-bedroom units averaging 779 square feet each. Community amenities include a swimming pool, spa, fitness center, clubhouse and carports. The property is 95% leased.
The HFF investment sales team representing the seller was led by director Jordan Robbins along with co-head of HFF's national multi-housing investment sales platform, Sean Deasy, associate director Jeff Haag and real estate analyst Jared Buffington.
HFF's debt placement team was led by senior managing director Eric Tupler, director Josh Simon and real estate analyst Leon McBroom.
“Longmont is one of the strongest rental markets in all of Colorado and CenterSquare was not only able to capitalize on significant market rent growth, but also added tremendous value by partially upgrading each of the properties. Advenir was the perfect buyer and will continue to enhance both properties appeal through further upgrades, which is exactly what is needed within this tight rental market,” commented Robbins.
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