CBRE has announced a $22.1 million loan for the purchase of 52nd Marketplace, a five-building, 157-unit multifamily community in Arvada, Colo.
Scott Peterson, Bill Chiles and Brian Cruz of CBRE’s debt and structured finance team in San Diego arranged the loan on behalf of the new owner of the property, Orion Real Estate Partners, a Los Angeles-based multifamily investment firm.
Located at 7797 West 52nd Avenue, 52nd Marketplace was originally constructed in 1974 in the west Denver suburb of Arvada. Amenities include a 24-hour fitness center, pool, gas grills and fire pits, clubhouse and pet exercise park. Approximately 50 percent of the units had been upgraded prior to the recent sale of the property, and the borrower will spend an additional $1.8 million on future improvements to finish the renovations and enhance the property’s amenity package. The unit mix consists of one-bedroom and two-bedroom apartments with an average size of 683 square feet.
The community is within walking distance of Olde Town Arvada, a pedestrian-friendly retail area that is listed on the National Register of Historic Places and is comprised of an eclectic mix of locally owned shops, restaurants, boutiques and breweries. Olde Town Arvada also boasts an RTD light rail station, which provides convenient commuter access to Downtown Denver via the Gold Line with Union Station only five stops away. In addition, the property is located in close proximity to the interchange between I-70 and I-76, two major freeways that connect Arvada to the rest of the Denver metropolitan area.
“The Orion team brings significant value to 52nd Marketplace with their reputation and experience in the market as well as a strong business plan,” said Mr. Peterson. “Orion will continue the value-add strategy of renovating units and focus on updating the property’s amenities.”
