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September 29, 2022
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Sares Regis Group Closes on 386-Unit Multifamily Purchase in the Denver Area

8/24/22

Sares Regis Group has acquired Terracina Apartments, a 386-unit multifamily property in Broomfield, CO. The firm has obtained $139.9 mil in first mortgage money from Mesa West Capital for the acquisition and repositioning of the multifamily asset.

Built in 2010, Terracina Apartments is located on 16.5 acres at 13620 Via Varra Rd in the Denver metro area. The property offers a variety of one- and two-bedroom apartment homes housed in four four-story residential buildings. The community features a wide range of amenities including a pool and hot tub, a clubhouse and fitness center, co-working lounge, dog park and pet wash, fire pit and grilling area, and outdoor games area. The property was 95% leased at closing.

Terracina Apartments is well situated between Denver and Boulder, site of the state’s flagship university, the University of Colorado. Located close to U.S. 36 and rapid transit, the property draws from the Mile High City’s major growth and Boulder’s tech and life sciences sectors.

Brian Torp with JLL arranged the five-year, floating rate loan. A portion of the loan proceeds will help to fund the borrower’s capital improvement plan that will feature upgrades to unit interiors as well as the renovation of the community’s common areas.

Over the last decade, Broomfield has experienced tremendous growth, outperforming surrounding metro Denver cities. In particular, skilled millennials are drawn to its high quality of life and much lower housing costs, according to Westerberg. Terracina Apartments offers residents quick connections to Broomfield’s major employers, including Vail Resorts, VMware, OpenText, Crocs, Trimble and SCL Health. Also, Oracle leases more than 1 million square feet across six buildings in the city.





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