Denver-Area Multifamily Community Acquired for $139.9 Million

Sares Regis Group bought the Terracina Apartments, a 386-unit property in Broomfield, Colorado. The firm obtained $139.9 million in first mortgage money from Mesa West Capital for the acquisition and repositioning of the multifamily asset.

Brian Torp with JLL arranged the five-year, floating rate loan. A portion of the loan proceeds will help to fund the borrower’s capital improvement plan that will feature upgrades to unit interiors as well as renovation of the community’s common areas.

Built in 2010, Terracina Apartments is located on 16.5 acres. The four-story development features a pool and hot tub, clubhouse and fitness center, grilling area and outdoor games area. The project was 95% leased at closing.