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The Lodge at Willow Creek

Denver, Colorado

Historical Transaction

Units: 316
Total Capital: $22.8 million
Equity Invested: $4.7 million
Status: Sold
Realized Multiple: 1.8x
Realized IRR: 36%

The Lodge at Willow Creek is a Class A apartment project situated on 20 acres with 316 one and two bedroom units in 27 two-story buildings with composition roofs and stone and siding exteriors. There is a mix of attached and freestanding garages. The project is located at the intersection of Interstate 25 and Colorado 470, a mile south of the 1.5 million square foot Park Meadows Mall and west of the Inverness Business Park in an area that serves as a major node for Denver’s southern suburbs. The project was developed and stabilized within 26 months and sold in December, 1997.

Opportunity

• Joint-venture with a regional multi-family developer based in Texas and Colorado with a development track record spanning over 25 years.
• Market research projected a strong emerging submarket with increases in rental rates and occupancy complemented by limited direct competition during the development timeline.
• Capitalize on opportunity for compressed lease-up timeline given the attractiveness of the project’s location due to its proximity to major employment centers, retail facilities, and outdoor recreation.