Denver Business Journal Showcases CFC Project to Build 361-Unit, 3-Acre Luxury Apartment Community
By James Rodriguez – Reporter, Denver Business Journal
Austin-based developer Cypress Real Estate Advisors (CREA), in partnership with Flywheel Capital, is planning to build a five-story, 361-unit luxury apartment community at the northwest corner of South Cherry Street and East Warren Avenue in Denver’s University Hills neighborhood.
The firms recently secured $67 million in construction financing for the project, which will be built on 2.94 acres. The apartment community is the first of two phases planned for a larger 5.35-acre assemblage owned by an LLC affiliated with CREA and Flywheel.
A JLL Capital Markets team led by managing director Campbell Roche and senior managing director Eric Tupler arranged the five-year, floating-rate loan on behalf of the CREA-Flywheel partnership. Pacific Western Bank provided the financing.
The apartment project, dubbed The Cameron, will consist of 30 studio, 239 one-bedroom and 92 two-bedroom units, with stainless-steel appliances, quartz countertops, and balconies, along with vaulted ceilings in select units. Community amenities will include a resort-style pool, two-story clubroom, courtyards, a fitness center and a business cafe.
The partnership between CREA and Flywheel acquired the bulk of the assemblage in September 2018, according to property records. The apartments will be built on the roughly three-acre block bounded by Evans Avenue to the north, South Clermont Street to the west, South Cherry Street to the east and East Warren Avenue to the south.
The site is currently occupied by several buildings, including the shuttered Cameron Motel.
The remainder of the assemblage, approximately 2.5 acres, is located directly east of the planned apartments, across South Cherry Street.
Cypress has already developed several multifamily projects in Denver, including The Yards at Denargo Market and The Crossing at Denargo Market.
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