Bridge Partners Acquires Flats at Creekside Apartments
May 24th, 2017
Bridge Partners (BP), a multifamily real estate investment firm located in Walnut Creek, California, has purchased Flats at Creekside Park, 120 units located in Arvada, Colorado. The asset is the third property purchased by BP Fund II, a value-add multifamily equity fund which was raised in late 2016.
Arvada is a growing suburb of Denver which sits just ten minutes from Downtown Denver and features abundant retail and restaurant options including picturesque Olde Town Arvada. The city will benefit from the late 2017 completion of the Gold Line rail line which includes three Arvada stops and routes directly to Union Station in Downtown Denver. Flats at Creekside is well-positioned as just a five minute walk from the new Olde Town Arvada rail station.
BP’s plan to re-position Flats will entail a programmatic interior upgrade which includes new stainless steel appliances, new plumbing and lighting fixtures, new kitchen countertops, and new cabinet faces with painted boxes. BP will also make upgrades to the clubhouse and fitness center, and will install two new barbecue grill areas for residents to enjoy. AMC will provide effective third-party property management for Flats.
BP utilized its perfect borrowing record to assume the existing Fannie Mae primary and supplemental loans, and worked closely with Northmarq Capital, the existing lender, to add a second supplemental concurrent with closing. CBRE’s Denver Multifamily Team facilitated the transaction, which closed in 60 days.