Brickstone Partners and Deutsche Finance America have recapitalized of The Lodge at Boulder, a 220-unit, 355-bedroom student housing complex near the University of Colorado campus in Boulder.

Brickstone Partners purchased The Lodge property more than three years ago and began large scale renovations of many of the units and common spaces. The new partnership plans to complete renovations to the remaining unit interiors and finalize upgrades to the clubhouse, leasing office and mechanical systems.

The recapitalization of The Lodge marks the second joint investment between Deutsche and Brickstone. The first was the LakeHaus, a 200-unit luxury apartment community under construction in the Lake Calhoun neighborhood of Minneapolis.

To date, Deutsche has invested approximately $50 million with Brickstone and in 2019-20 they plan to invest $100 million of additional equity, primarily focused on an opportunistic student housing platform. Brickstone Partners is a real-estate investment and development firm operating in Colorado and Minnesota.

“I am looking forward to continuing our partnership with Brickstone and Dan Otis,” said Jason Lucas managing partner for North America of Deutsche. “The Lodge at Boulder offers our LP investors exposure to an asset in a premier university market with high barriers to entry.”

Inland Private Capital Corp. sold two multifamily properties, Ascent Uptown and Emerson Lofts, both located in Denver for $21.85 million. Inland facilitated the sale of the properties on behalf of Denver Multifamily Portfolio DST, one of its 1031 investment programs.

Located at 1691 Franklin Street, Ascent Uptown is a three-story mixed-use building constructed in 2013. The property consists of 22 units and approximately 4,988 square feet of retail space, currently leased to Olive & Finch, a coffee shop and bakery, and Patxi’s Pizza.

The Emerson Lofts, located at 777 Emerson Street, is a 42-unit multifamily property constructed in 2013. The property also includes 42 basement garage parking spaces.

“Denver Multifamily Portfolio DST was another successful full-cycle transaction on our multifamily investment platform for IPC’s investors,” said Keith Lampi, president and chief operating officer of IPC. “We purchased the properties in 2015, and they provided consistent income and a substantial profit on sale, resulting in an 8.71 percent average annualized return to investors.”

[caption id="attachment_11080" align="alignleft" width="533"] Ascent is a multifamily property located in Denver.[/caption]

As of the date of the sale, Ascent Uptown was 100 percent leased and Emerson Lofts was 97.62 percent leased.

The sale resulted in a return to investors of 131.35 percent, based on the aggregate amount of original capital invested in the property.

Hunt Real Estate Capital has provided a Fannie Mae DUS loan in the amount of $52 million to refinance a manufactured housing property located in the city of Sweetwater, Fla.

Li'l Abner is an all-age, 908-pad manufactured housing property. Sixty-four percent of the pads are intended for double‐wide homes, and the remaining 36 percent are for single‐family pads. The property has paved roads, off‐street parking and access to municipal utilities.

The borrower is Consolidated Real Estate Investments, who has owned and operated the property since acquisition in 1981. The borrowers are managing partners and key principals Nidia M. Montero and Raul F. Rodriguez. The loan is a 30-year fixed-rate loan with a 15-year interest only period amortizing over 30 years.

"Li'l Abner is well located with convenient access to the Dolphin Mall and Florida International University, as well as two major throughways that head into Miami, including the Florida Turnpike and State Road 826," said Marc Suarez, director at Hunt Real Estate Capital. "This is one of the most dynamic properties as it encompasses almost 105 acres in a densely populated area."

"My father acquired this asset almost 30 years ago with a great group of partners who are still part of this deal today," said Rodriguez. "We truly appreciate the team effort from all involved and the professionalism from Marc Suarez and his team at Hunt Real Estate Capital for providing us financing for another 30 years. Our biggest asset is our tenants who have made Li'l Abner the core fabric of the Sweetwater community."

Property amenities include a pool, management/maintenance office, mail facility, tennis courts and a playground.

"Raul Rodriguez and his family has been vested in this area for over 30 years and continue to provide quality affordable living for the residents in this area and other parts of Miami Dade county. We were pleased to have been able to finance this asset," said Suarez.