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September 1, 2016
Seattle-based Security Properties has sold Diamond at Prospect, a 140-unit mixed-income apartment building in Denver’s Prospect neighborhood, for $20.5 million. Hamilton Zanze Real Estate Investments of San Francisco was the purchaser and CBRE Affordable Housing arranged the sale. The building has 98 units with income restrictions. Diamond at Prospect was built in 2004 and has averaged 96 percent occupancy over the last three years, according to CBRE. CBRE Affordable Housing and Andrew Behrens of CBRE’s San Francisco office secured $12.3 million in acquisition financing on behalf of the borrower. The 10-year fixed-rate loan was provided by Fannie Mae at 3.07 percent CBRE’s lowest rate to date, the company said. CBRE Affordable Housing is a specialty group within CBRE Group.