L.A. based Orion Real Estate Partners (“Orion”) announced that it has closed on the acquisition of 1600 Hoyt, a 64-unit, Class “A” luxury apartment community. 1600 Hoyt offers residents modern and spacious one- and two-bedroom units with an above-market parking ratio of 1.25:1. Located in the Lakewood/Wheat Ridge submarket, 1600 Hoyt resides in a highly desirable West Denver infill location surrounded by major employment hubs, entertainment, and close proximity to the RTD Garrison Station.
Orion acquired the Property at the delivery of Certificate of Occupancy providing a unique opportunity to purchase a luxury, transit-oriented development at a significant discount to replacement costs while also controlling the lease-up strategy to stabilization. The Property consists of four stories of cold-formed light steel framing with a cement stucco and metal panel façade. Additionally, the Property features a contemporary resident lounge and large outdoor seating area with stunning mountain views.
Luxury interior finishes include quartz countertops, custom cabinetry, vinyl plank flooring, stainless steel appliances, full-size washer and dryers, and Juliet balconies in every unit. Lakewood is one of the most supply-constrained submarkets of Denver and has immediate access to thousands of jobs and entertainment.
In July 2019, the City of Lakewood passed an anti-growth measure limiting construction permits for apartments to 1% annually resulting in further demand for existing assets and strong projected rent growth. This transaction exemplifies Orion’s ability to identify unique opportunities and execute quickly within a highly competitive marketplace. CBRE Multifamily Capital provided an attractive bridge-to-permanent acquisition loan through MF1 Capital. Orion engaged Apartment Management Consultants (“AMC”) to manage the lease-up and ongoing management services.