CBREannounced today the $34.25 million sale of Fox Crossing, a 220-unit affordable rental housing propertylocated at 8350 East Yale Avenue in Denver, Colo. Dan Woodward, David Potarf and Matt Barnettwith CBRE’s Denver office and Spencer Hurst, Tim Flint and Taylor Froland with CBRE Affordable Housing in Seattle representedthe seller, Legacy Partners from Foster City, Calif.,in a sale that closed Dec. 5.
“Fox Crossing appealed to investors because it combines affordable housing with a highly desirable location. The property is within the Cherry Creek School District, close to two light rail stations and located right along the Cherry Creek Trail. With affordable housing in strong demand in Denver, Fox Crossing is anticipated to continue to operate at or close to 100% occupancy going forward,” said Dan Woodward, Executive Vice President, CBRE Capital Markets.
Built in 1997, Fox Crossing totals206,946 rentable sq. ft.across 11 buildings on 12.79 acres. The propertyoffers a mix of one-, two- and three-bedroom floor planswith an average unit size of 941 sq. ft.Community amenities include a basketball court, business center, outdoor picnic area and barbecue, outdoor swimming pool and a community garden. The property operates under the Section 42 Low Income Housing Tax Credit (LIHTC) program.
The seller completed severalcapital improvementsprior to Fox Crossing’s sale.
“Over the past three years, our team completed several community-wide upgrades that focused specifically on sustainability—from energy-efficient LED lights to the installation of low-flow water fixtures and appliances,” said Spencer Stuart, Senior Managing Director at Legacy. “We’re proud of the fact that the property is expected to reduce water consumption by over 2.76 million gallons per year.”
Fox Crossing is located at East Yale Avenue and South Syracuse Way in southeast Denver.
According to CBRE Affordable Housing’s September 2019 brief, the LIHTC sector recorded 97.7% occupancy and year-over-year rent growth of 3.3% despite robust new supply; the U.S. added 41,000 new affordable units over the 12-month period ending June 2019.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
