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Green Leaf Partners and 29th Street Capital Close Denver Acquisition

Category: News | Posted November 2, 2011 by nchaump | Comments Off

Green Leaf Partners and 29th Street Capital are pleased to announce the closing of Seven Oaks Apartments a 142 unit apartment complex located in the South East quadrant of Denver close to the Lowry Redevelopment. The ownership plans to rebrand the property under the Green Leaf umbrella, build a new 1200 square foot free standing management office, replace all of the windows and sliding glass doors, replace all roofs, add solar panels for common area electricity, and repaint the exterior.

“With the Green Leaf Apartment Fund I now 50% invested we have built a diversified and stable stream of cash flow. Our Fund occupancy is at over 95% and is performing at projected levels and Green Leaf Oaks will be another solid addition to our asset base” said Stan Beraznik, president of 29th Street Capital.

The project was financed with a loan from CBRE and the balance came from equity raised as part of the Green Leaf Apartment Fund I venture launched earlier this year. 

“Seven Oaks is a solid B asset in an expanding market. Through our capital improvement program we plan to significantly reduce operating costs at the property and increase the quality of the asset to meet the competition. We are excited to buy in Denver and look forward to growing here over the next few years,” said Michael O’Neil, CEO and co-founder of Green Leaf Partners.

Green Leaf Partners is focusing its acquisition efforts to grow its existing portfolio to 10,000 units on properties located in larger US markets in the west including Arizona, California, Nevada, Oregon, Utah and Washington.