EverWest Closes Preferred Equity Investment On Multifamily Development
January 9, 2017
EverWest is pleased to announce the closing of a Preferred Equity investment for Union West Apartment Lakewood, CO.
EverWest Real Estate Partners is pleased to announce the closing of a $13.2 million Preferred Equity investment supporting the bridge financing of the newly constructed Union West community located in Lakewood, Colorado, a submarket of the Denver MSA.
Union West is a 267-unit, 5-story, Class A apartment development that offers high end finishes, quality construction and accessible amenities. The location provides quick and easy access to Downtown Denver via US-6 and the light rail.
There are more than 16,800 walk-able jobs surrounding Union West. This employment hub contains the highest concentration of office and medical jobs in all of Lakewood. The two largest employers in Lakewood are the Denver Federal Center and St. Anthony Medical Campus, both of which are less than five minutes away from Union West.
The project was developed by Confluence Companies, an experienced developer, owner and operator of multifamily properties in Metro Denver.
Joe Chickey, Senior Director with EverWest, comments, "The strong absorption combined with the lack of concessions during the first several months of lease up is a testament not only to the quality of the project itself, but the quality of the submarket within the broader, competitive Denver MSA. Given the location and the quality of the demographic trends supporting the target tenant base, we expect the project to continue to outperform and be a huge success for all parties."
Zi Sen Chong, Associate, stated, "We are impressed by the quality of the project and the development team. We look forward to making similar investments in the area."