cypress real estate advisors to develop upscale apartment community in denver
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By CRE | Published September 29, 2020
Cypress Real Estate Advisors (“CREA”) has received $67 million for the construction of The Cameron, an upscale apartment community located at 4545 E. Warren Ave. in Denver. The Cameron will be a five-story, 361-unit wrap property, consisting of 30 studio, 239 one-bedroom, and 92 two-bedroom apartments.
Led by Denver-based Principal Chase Hill and Development Associate Adam Wallace, CREA in partnership with Ben Hrouda of Flywheel Capital will develop The Cameron on 2.94 acres as the first of a two-phase build-out plan upon a larger 5.35-acre assemblage.
Located near the Colorado Station RTD light rail stop, community amenities will include a resort-style pool with cabanas and grilling stations, a two-story clubroom, courtyards, a state-of-the-art fitness center, a business café, and an eco-friendly recycling and waste reduction program.
With a population growth of 18 percent over the last decade, Denver’s multifamily market has remained stable throughout the pandemic, outperforming the national averages in both collections and occupancy.
JLL secured the five-year, floating-rate loan with Pacific Western Bank, led by Managing Director Campbell Roche and Senior Managing Director Eric Tupler.
“We are excited to see this unique project become a reality,” said Roche. “Chase Hill and the CREA Team have done a phenomenal job of delivering best-in-class projects on great sites including their CIVIC Lofts community downtown and The Alcott in Jefferson Park. The Cameron will be another successful project capitalizing on its proximity to Colorado Station.”