Aspire 7th & Grant Benefits from Denver’s Resiliency
Acquisition financing of $49 million was recently obtained for the Aspire 7th & Grant, a newly constructed multifamily property with ground-floor retail in the Capitol Hill submarket of Denver. The Aspire 7th & Grant apartments were completed in 2020 and total 178 studios, one- and two-bedroom units averaging 882 square feet.
The apartment units are currently 74 percent leased and the 3,898-square-foot attached retail is 47 percent leased. The class-A property is situated in the Governor’s Park neighborhood of Capitol Hill at 670 N. Grant St., the densest submarket in Denver.
According to JLL’s latest Multi-Housing Outlook, the Denver market held resilient, with rents around the same level as 18 months ago. For developers, opportunity is striking, with the report also stating transaction activity is continuing the upward momentum from fourth quarter 2020, as investors acquired $1 billion of multifamily assets in first quarter 2021.
JLL represented the borrower, an institutional fund, to secure the seven-year fixed-rate loan through Northwestern Mutual Real Estate Investments. The JLL team representing the borrower was led by managing director Leon McBroom.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!