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Phoenix & Southwest  + Southwest  + Apartments  | 
ACRE provides $52M loan for Apartment acquisition

Joint Venture Lands Acquisition Loan for Denver-Area Apartment Rental

A joint venture between Graycliff Capital Partners and Buligo Capital Partners has landed a $52.7 million loan for its newly built Class A multifamily community in Johnstown, Colo, about a 30 minute drive north of Denver. The loan helped facilitate the property’s $73.1 million, or $290,079/unit purchase.

ACRE provided the loan for the 252-unit Johnstown Plaza through its debt fund ACRE Credit I. CBRE brokered the deal with a team led by David Zimmerman, Cliff Joyner and William Bould.

“With significant economic growth and development in the last three years, Johnstown has established itself as an increasingly sought-after place to live in the greater Denver-Fort Collins area,” said ACRE’s Daniel Jacobs.

Community amenities include an outdoor swimming pool, a dog park, basketball courts, grilling stations, a business center, a gym and a self-storage facility. Since opening in the second quarter of 2022, Johnstown Plaza surpassed 35 percent occupancy in late August. 


Inside The Story

Daniel Jacobs

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

  • ◦Sale/Acquisition
  • ◦Financing