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Brixton Capital Completes $124 Mil Multifamily Buy in Colorado

2/20/24

Brixton Capital purchased The Windsor, a 352-unit, two-story townhome and apartment community in Lakewood, CO, in a $124.25 mil ($353k/unit) transaction. The asset was sold by Boston, MA-based TA Realty. the deal was financed with a loan for $80 mil.

Located at 8153 W. Eastman Place, The Windsor comprises 53 buildings, encompassing 392k sf of leasable space across just over 29 acres. Currently 95% occupied, The Windsor offers units averaging just over 1.1k sf in size. They include one- and two-car direct-access garages, in-unit washers and dryers and nine- to ten-foot ceilings. Originally built by San Francisco-based Carmel Partners, the property offers a blend of single-family style living at apartment rental rates on the west side of Denver, catering to families and young professionals.

Residents of The Windsor enjoy a completely gated community equipped with amenities such as a clubhouse, leasing center, coffee station, three swimming pools, spa and hot tub, fitness center, dog park and tennis courts. Residents also benefit from direct access to the Bear Creek trail system and proximity to the Whole Foods-anchored Belmar Shopping District.

The property will be rebranded as Brixton Townhomes at Bear Creek, accompanied by comprehensive renovations to unit interiors and enhancements to common area amenities.

“Lakewood is a highly sought-after destination within the Denver metro that provides residents with a community-driven environment and great schools, coupled with proximity to the largest employment nodes in the Denver MSA,” said Rob Taylor, Chief Investment Officer of Brixton Capital. “Couple this with the fact that The Windsor is one of the most desirable communities in the submarket, with its large floor plans, attached garages and low-density living environment.”

In collaboration with Greystar, its professional third-party property management company, Brixton will provide asset management for the property, ensuring institutional standards and delivery of exceptional customer service that aligns with the expectations of its residents.

“We are acquiring this property below replacement cost and with positive leverage from day one,” said Brixton Capital’s Acquisitions Director Mark Mandala. “This strategic acquisition is integral to our portfolio and is further underpinned by disciplined growth assumptions.”

Brixton Capital represented itself in this transaction, as did TA Realty. Scott Peterson, Mark McGovern, Colby Matzke and Brian Cruz with CBRE's San Diego-based Capital Markets' Debt and Structured Finance practice, secured the original agency loan.





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