DENVER, Feb. 2, 2021 /PRNewsCentre/ — Cross Mountain Capital, a vertically integrated real estate sponsor, manager and investment firm based in the Northeast, completed closing on a 54-unit $8.8 million apartment complex in Colorado, located at 2660 Ingalls street in the up-and-coming Denver suburb of Edgewater. Offerd, an Austin-based Multifamily Acquisitions Firm, acted as a co-sponsor. LaSalle Debt Investors provided the bridge debt.
2660 Ingalls St
The team is partnering with RIO Real Estate as property manager, and over $1 million has been allocated for building improvements, with plans to transform the complex through rebranding, interior updates and the addition of both indoor and outdoor amenities. According to Michael Gilman, Founder and Managing Principal of Cross Mountain Capital, "This transaction marks our first acquisition outside of our existing tertiary markets in the Northeast. We retained Offerd to locate Class B and C assets in the Intermountain West, further to the investment thesis that the exceptional federal monetary easing cycle will continue creating asset inflation, and, as a result, Class B and C Multifamily will be one of the safest asset classes. LaSalle was integral in providing the bridge debt for this acquisition in record breaking time. We look forward to expanding our acquisitions on the back of strong demand from equity and debt providers for stabilized multifamily assets with heavy value-add potential."
About Cross Mountain Capital
Cross Mountain Capital is a real estate sponsor, manager and investment firm that works with equity capital partners to execute value-add and yield-plus strategies on multifamily assets in tertiary markets in the Northeast, as well as primary and secondary MSAs in the Intermountain West. For more information, please visit crossmountaincapital.com
Offerd is an Austin-based Multifamily Acquisitions firm. Offerd’s data of more than 10,000 categories combined with propriety analytics and software looks at historical, current and forecasted national, market, sub-market and property-level information to shape and execute targeted sourcing campaigns specific to a client’s precise acquisitions strategies. For more information, please visit Offerd.com
SOURCE: Cross Mountain Capital