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8/05/16
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Hamilton Zanze Real Estate Investments recently closed on an affordable housing acquisition in Colorado, paying $20.5 mil for Diamond at Prospect, a 140-unit ($146.4k/unit) multifamily property in Denver.
Security Properties Inc sold the property, which contains 98 units with income restrictions. The property has averaged 96 percent occupancy for the last three years.
The property was purchased with $12.3 mil in acquisition financing. The ten-year, fixed rate loan was provided by Fannie Mae at a rate of just 3.07%. CBRE’s Andrew Behrens arranged the financing.
Located in the highly sought after Prospect neighborhood of Denver, the property is in proximity to schools, restaurants, major shopping centers, and Coors Field—home to Major League Baseball team the Colorado Rockies. At a 21 percent rent-to-income ratio, Denver’s cost of living continues to increase, keeping the demand for affordable housing high while maintaining Denver as a desirable location for investors.
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