California buyer acquires luxury multifamily property in Broomfield

A newly constructed, luxury multifamily property in Broomfield sold for $90.72 million. 

Oakmont Properties purchased Caliber at Flatirons, a 288-unit apartment complex at 13872 Del Corso Way in Broomfield, from seller and developer The Garrett Cos. of Greenwood, Indiana. Dan Woodward, David Potarf and Matt Barnett of CBRE’s Denver office represented the buyer in the transaction, while Marc Ross of CBRE’s Sacramento office represented the California-based buyer. Andrew Behrens of CBRE arranged the financing.

Completed in 2019, Caliber totals 308,478 rentable square feet across 16.3 acres. The apartment complex offers one-, two- and three-bedroom units with community amenities including a pool, yoga studio and fitness center. 

Located just off Highway 36 at the Northwest Parkway exit, Caliber at Flatirons is accessible for metro Denver or Boulder commuters. It also offers proximity to the Flatirons Crossing shopping center and Broomfield’s Del Corso Park.

According to Woodward, Caliber was put under contract 16 months ago, at the start of its construction. At the time of sale, the complex was 80% leased and 75% occupied. However, Woodward said this posed a challenge to financing because the property was not fully leased-up. 

When COVID-19 began, and a statewide stay-at-home order was put in place, the financing became more difficult to secure. 

“It’s hard to lease a property when tenants can’t have a tour of the units, clubhouse and all the amenities,” Woodward said. “It became much more difficult to fill the property up, which made it difficult to finance it. Our debt team jumped through a lot of hoops to get it financed.” 

In the end, Woodward said with cooperation from the seller, buyer and the CBRE team, the property was successfully leased, inspected and financed on time, with an April 28 closing date. 

Contributing to the deal’s success was the buyer’s relationship with Fannie Mae. 

“Oakmont was uniquely positioned to take down this asset due to their exceptional relationship with Fannie Mae, which allowed them to achieve below market debt terms in this time of national crisis,” Behrens said in a news release. 

Oakmont owns two other residential properties in the northwest Denver submarket, including North Main Apartments in Louisville. Its portfolio primarily consists of luxury residential properties in California, Colorado and Nevada. 

Featured in CREJ’s May 20-June 2, 2020, issue