Mesa West has provided $139.8 million in first mortgage debt to Sares Regis Group for the purchase and renovation of Terracina Apartments, a 386-unit complex in Broomfield, Colorado.
Broomfield is sandwiched between Colorado’s two major metropolitan areas – Boulder and Denver – and this proximity makes Terracina Apartments a unique workforce housing opportunity, says Josh Westerberg, an executive director at Mesa West.
The complex was built in 2010 and consists of one- to two-bedroom apartments in four low-rise buildings. Its amenities include a pool, a clubhouse and a dog park. The capital improvement portion of the financing will mainly go toward renovating Terracina Apartment units at the complex, which is already 95 percent leased.
“The area’s consistent annual rent growth is proof of that attractive market dynamic. The planned capital improvements for Terracina Apartments will add even more value to this property,” Westberg said.
Mesa West attributed much of the property’s appeal to young professionals hungry for affordable, high-quality housing near major economic centers. In addition to its proximity to Denver and Boulder, Broomfield has its own economic growth, with corporate tenants including Crocs and Oracle.