EverWest Real Estate Partners is pleased to announce the closing of a $7.90 million Preferred Equity investment supporting the development of a multifamily apartment community within the Prairie Center master-planned community located in Adams County, Colorado.
The proposed development consists of 12, 3-story apartment buildings located at the S.E. corner of Eagle Blvd. and S. 27th Avenue, just 15 to 20 minutes from both Downtown Denver and Denver International Airport.
The community amenities will include an outdoor pool, clubhouse, cabana, dog park and children's playground and fitness facility.
The Elements is anticipated to have a certified HER (Home Energy Rating System) of a least 53. The 100 geothermal wells drilled in the ground will provide the geothermal energy that runs the heat pumps in the apartment units. This system will make The Elements the largest apartment community with a geothermal system in the state of Colorado and one of the largest systems in the nation. All buildings will be pre-wired for solar to allow for installation of panels in the future to offset additional common area energy costs.
Tom McCahill, Managing Principal, comments, "This was a unique investment opportunity which required a good deal of structuring to meet both the needs of our investors as well as those of the senior construction lender and sponsor. EverWest successfully crafted and executed a creative solution meeting the needs of all parties ."
Joe Chickey, Senior Director with EverWest, states, "We are excited to be a part of this project, which will provide a unique housing opportunity and value-proposition for the professionals and families who commute to Brighton every day, particularly in light of the ever-expanding Denver metro population. The Sponsor team was instrumental in navigating a complex entitlement process and entrepreneurial in bringing together leading edge sustainability technology, which will benefit both the residents as well as the broader community as a whole."