Financing Helps Close 300-Unit Apartment Sale

George Smith Partners, working on behalf of investor LocalConstruct, secure $41 million in financing to help close the sale of the 300-unit Vineyards, a Class A apartment complex in Colorado Springs. The buyer paid the Houston seller a total of $55.3 million for the asset at 4350 Mira Linda Point. Bill Morkes and Craig Stack with Colliers International brokered the transaction.

Financing was arranged by George Smith Partners’ Jonathan Lee, and was provided by Walker and Dunlop. The non-resource loan closed at 4.3%, with a 12-year fixed rate and nine years interest-only.

The new owner will renovate all units and upgrade the property’s landscaping and on-site amenities. These include the clubhouse, fitness center, leasing office and business center. The Vineyards consists of 22 buildings offering two-bedroom, two-bath apartments. The complex delivered in 2002.

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