Note: The purchase price has been updated
A joint venture partnership between CentrePoint Properties and CenterSquare Investment Management has acquired The Point at Biscay, a 96-unit class A townhouse community in Aurora, for $ 37.5 million.
JLL worked on the partnership’s behalf to raise a $ 24.375 million Fannie Mae loan at a rate of 2.61 percent fixed for 10 years with a full interest only. The loan is serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
The Point at Biscay is located at 3382 South Biscay Way in the rapidly growing Seven Hills neighborhood. This area provides direct access to shopping, dining, and entertainment from several nearby malls and has one of the top performing school districts in the state. In addition, the property is convenient to major employment centers such as the Denver Tech Center, Anschultz Medical Campus, Denver International Airport and Buckley Air Force Base.
Completed in 2019, The Point at Biscay is 98 percent leased and offers two- and three-bedroom floor plans with an average unit size of 1,210 square feet.
“We continue to see the agencies use very aggressive credit terms on a wide range of multi-family assets,” said Kristian Lichtenfels of the JLL Capital Markets team. “Not only did the credit markets offer excellent first time loan options for this differentiated new build townhome product, but our team was able to further reduce the interest rate by securing Green Globes certification prior to closing. Leon and I loved these great loan terms and how they will help CentrePoint, CenterSquare and their investors get the most affordable returns. “