Updated Oct 29, 2024
Mill Creek Residential Acquires 417-Unit DriveTrain Project In Denver's RiNo Neighborhood For $182M
3299 Brighton Boulevard Denver, Colorado 80216, USA
$182,000,000
Units
417
Asset Type
MultiFamily
Closing
Aug 11, 2023
About this deal
AI
Mill Creek Residential has acquired the 417-unit DriveTrain project in Denver's sought-after RiNo neighborhood for $182 million. The property, located at 3299 Brighton Blvd, is a multifamily asset. The purchase price translates to an average price per unit (PPU) of $436,451.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $182,000,000
- Address: 3299 Brighton Blvd
- Market: Denver, CO
Mill Creek Residential, a prominent buyer in the real estate market, took advantage of the opportunity to invest in the thriving RiNo neighborhood in Denver. The company has rebranded the acquired property as Modera Art Park, aligning it with the artistic theme of the River North Art district.
Players
Denver MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Deal FAQ
About $436.5K per unit across 417 units on a published $182M (2023).
Browse Colorado multifamily sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93