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11/05/15
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Axis at Nine Mile Station, a 336-unit multifamily community in Denver, was acquired by a venture between The Bascom Group and Oaktree Capital Management. The property was sold for $50.25 mil ($149.6k/unit) by Security Properties in a deal that also included a small, adjacent land parcel.
Built in 1980, Axis at Nine Mile Station is located at 3257 South Parker Rd, west of Peoria St and I-225. The property’s unit mix consists of 2% studios, 32% one-bedroom units, and 66% two-bedroom units.
The concentration of retail, amenities, transit, and job centers surrounding the property makes the location one of the most desirable in the Denver Metro. The existing Nine Mile Station on the Southeast and Blue Line Light Rail is adjacent to the property, allowing residents direct light rail access to the Denver Tech Center Business Corridor, Downtown Denver, and Denver International Airport in the spring of 2016.
In addition, the city is also implementing a redevelopment called the Nine Mile Renewal Plan, which aims to significantly upgrade the retail area surrounding the light rail station. Axis at Nine Mile Station is only minutes from several major retail destinations such as Park Meadows Mall and Cherry Creek shopping district, and less than a mile from Cherry Creek State Park and Reservoir, which consists of 3900 acres and 35 miles of walking and biking trails.
Terrance Hunt and Jeff Hawks of ARA Newmark represented the seller in the deal. Debt financing of $46.8 mil was sourced by Brian Eisendrath and Annie Rice of CBRE Capital Markets and provided by Los Angeles-based Mesa West Capital.
This is the first acquisition of Venture II following a successful closing of the initial venture between The Bascom Group, LLC and Oaktree Capital. Venture I resulted in the acquisition of eight multifamily properties across the U.S., totaling $350 mil in total capitalization. Venture II has a goal of $400 mil in total capitalization.
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