$73M financing secured from Bank OZK for Traer Creek Apartments in Avon, Colorado
JLL Capital Markets facilitates funding for Class A multi-housing development near Beaver Creek and Vail Resorts
DENVER, Oct. 7, 2024 – JLL Capital Markets announced today that it has secured $73 million in construction financing from Bank OZK for Traer Creek Apartments, a 242-unit, class A, podium multi-housing development in Avon, Colorado.
JLL represented the borrower, Prime West and Columnar Investments in the transaction.
With construction scheduled to finish in 2026, Traer Creek Apartments will feature a distinctive four-over-one design that combines Type-V wood-frame construction with a Type-I concrete podium slab. This innovative approach allows for structured parking while offering unparalleled quality relative to other multifamily communities in Vail Valley. The studio, one-, two- and three-bedroom apartments will showcase upmarket finishes, central air conditioning and breathtaking mountain views. Residents will also enjoy a state-of-the-art fitness center, movement center and outdoor spa. Amidst its four-story, three-building layout, this development boasts ample open green areas and 9,200 square feet of communal facilities, ensuring a truly exceptional living experience.
Ideally situated at 5471 East Beaver Creek Blvd., Traer Creek Apartments enjoys a prime location just minutes away from the renowned Beaver Creek Resort and Vail Resort, which collectively attract over 1.3 million visitors each year. Thanks to the close proximity to Downtown Avon, residents can enjoy numerous dining and retail options. Additionally, the town of Avon, Colorado is conveniently located a short drive from the Eagle County Regional Airport, offering a range of commercial flights and jet services to major cities across the United States.
Avon itself benefits from tourism dollars and a high quality of life with high average household incomes around $103,714. With the rise of hybrid work flexibility, more individuals from Denver and beyond are considering relocation to Avon and other towns within the Vail Valley, leading to an ongoing surge in both rental and sale housing in the region. In the summer months, tourism continues to thrive as visitors drive approximately two hours from Denver to enjoy outdoor activities like golf, mountain biking, fly fishing, hiking and camping.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Leon McBroom and Director Will Haass.
“The overwhelming demand for housing and limited supply in the Vail Valley only reinforces our belief in the success of this project. The lending community also agreed with this thesis and we were able to create a deep and competitive market as a result,” said McBroom.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Prime West
Since its establishment in 1981, Prime West has been dedicated to creating lasting value for Colorado communities through distinctive designs, superior building quality and exceptional amenities. Expanding its expertise to include multifamily and industrial projects, Prime West now specializes in office, multifamily, industrial, build-to-suit and healthcare facilities along Colorado's front range, with a track record of over 7 million square feet developed, $1.5 billion in total capitalization and a leadership team boasting over 100 years of combined experience.
About Columnar Investments
Established in 2009 under the Traylor Capital umbrella, Columnar Investments has made more than 30 land and commercial development investments spanning Florida, North Carolina, Texas and Colorado. Columnar’s close-knit team of managers have long-established presences in target markets, enabling them to source best-in-class opportunities. The company taps into both traditional and non-traditional channels to uncover unique off-market transactions.
About Bank OZK
Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial and retail. For the five years ended June 30, 2024, RESG originated approximately $42.2 billion in new loans. For more information, visit www.ozk.com.