L.A. based Orion Real Estate Partners (“Orion”) announced today that it has closed on the acquisition of Eagle Crest Apartments, a garden-style apartment community in Lakewood, Colorado.
Built in 1960, the 93-unit property is located in the Lakewood North submarket, a desirable West Denver infill location surrounded by amenities and close to major employment hubs, entertainment, and transportation.
Eagle Crest is well-positioned to cater to an underserved workforce renter population that has been priced out of newer properties in the market. Orion plans to improve the property’s amenities and renovate the unit interiors.
Orion assumed an existing loan and originated a supplemental loan with Freddie Mac through Grandbridge Real Estate Capital. The coterminous loans have over five years of remaining term and are interest only. Apartment Management Consultants (“AMC”) has been engaged to provide property management services on behalf of Orion.
Orion is actively pursuing additional affordable workforce housing properties in markets with strong demographic growth and solid multifamily market fundamentals including Austin, Dallas, Denver, Salt Lake City, Seattle, Phoenix and Portland.
