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June 13, 2024
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Colorado Multifamily Community Lands New Financing of $58 Mil


The Bluffs at Castle Rock, a 220-unit, garden-style multifamily community in Castle Rock, CO, is being renovated and recapitalized, thanks to a new $58.2 mil senior loan. The funding is being provided to the joint venture ownership by PCCP LLC. The property ownership plans to use some of the funding to renovate units, upgrade common area amenities and revamp the exterior of the property.

Built in 1998, The Bluffs at Castle Rock is located at 483 Scott Blvd, just 20 miles south of The Denver Tech Center. The property is comprised of 11 two- and three-story buildings on 11 acres of land.

The unit mix at The Bluffs consists of 84 one-bedroom/one-bathroom units, 48 two-bedroom/one-bathroom units, 80 two-bedroom/two-bathroom units and eight three-bedroom/two-bathroom units averaging 912 sf in size. Individual units feature walk-in closets, gas fireplaces, vaulted ceilings on top floor units, and private patios or balconies.

On-site amenities include a community clubhouse, a resort-style pool, a fitness center, a dog park, and a playground. The property has a mix of detached garage space, car ports, and surface parking for a total of 443 parking spaces.

Castle Rock is a fast-growing and desirable Denver suburb located less than 30 miles south of Denver and adjacent to I-25, the main north-south thoroughfare in Colorado. Located just south of Colorado’s largest employment center, residents are less than 30 minutes from every business center within the Southeast Business Corridor. The property is also a 10-minute drive from King Scoopers Grocery Store, Walgreens, Target, a Walmart Supercenter, and Whole Foods and is less than twenty minutes from Southeast Denver’s leading retail region, with more than 16 million square feet of retail located within seven miles of the property.

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