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4/08/22
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A Legacy Partners and Pacific Life joint venture has obtained $106 mil in JV equity and construction money for Araceli DTC, a 236-unit res tower development in Denver. The Class A, NGBS Green Certified Gold high-rise is scheduled to break ground this month.
The Araceli DTC site, located at 4552 South Ulster, spans 1.38 acres. Located directly off I-225, the property is adjacent to Cherry Creek State Park and is near major employers including AIMCO, Microsoft, Zoom Video Communications, and Progressive Insurance.
Set for a completion in 2024, the community will consist of thirteen stories with ten residential levels of light-gauge steel structure above a three-level concrete garage podium. The project will feature units with panoramic views and an average unit size of 896 sf, in addition to an expansive pool amenity deck on the fourth level. Additional features will include a protected Uber/Lyft pickup and drop-off area and electric car charging stations.
Mark Erland, Matthew Benson and Kevin Barron with JLL Capital Markets arranged the four-year, floating-rate senior construction loan through an investment manager, as well as securing the joint venture equity partnership with Pacific Life.
“Araceli DTC will be a market-leading multifamily high-rise project in the Denver Tech Center and will offer our residents large state-of-the art units, excellent access to employment, and the latest in modern amenities,” said Lane Cutter, Senior Managing Director at Legacy Partners.
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