A partnership between Prime West and Bridge Investment Group has secured $90.4 million combined joint venture equity and construction financing for Claro at High Point, a 365-unit community in Aurora, Colo. JLL represented Prime West in arranging the loan.
The community, slated for completion in mid-2023, will have a mix of one- to three-bedroom floorplans averaging 908 square feet. Units will feature balconies or patios, washers and dryers, kitchen islands and dishwashers. Community amenities are planned to include a pool, spa, fitness center, co-working area and clubhouse.
RATIO Architects is the project’s architect and Catamount Constructors Inc. serves as general contractor. The master-planned community spans 1,800 acres and will feature 10 million square feet of business park development, up to 500,000 square feet of retail, 300 acres of open space and 13 miles of biking trails.
Located at the northeastern corner of 65th Avenue and Lisbon Street, the community will be 13 miles from downtown Denver and near Interstates 70 and 225. The airport is 17 miles northeast of the community.
A real opportunity zone
Leon McBroom, managing director at JLL Capital Markets, said in prepared remarks that this airport submarket is one of the fastest-growing job centers in Colorado. Denver is one of the markets most targeted by developers, while having a cost of living that is 21 percent lower than the West Coast’s average. Since 2010, Denver has experienced a 17 percent population growth.
McBroom, along with Managing Director Mark Erland and Associate Will Haass led the JLL Capital Markets Debt Advisory team that represented Prime West.