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Dive Brief:
The Fairways at Lowry, a 450-unit workforce apartment property in Aurora, Colorado, was transferred to special servicing after its owner failed to make August and September payments. The property had a $52.4 million floating-rate loan from Freddie Mac, according to a Morningstar Credit report shared with Multifamily Dive.
The asset was bought by San Diego-area Tower 16 Capital Partners in conjunction with New York City-based Dune Real Estate Partners in November 2020 for $68.5 million, according to a news release and local property records. Tower 16 didn’t respond to Multifamily Dive’s request for comment.
The Fairways at Lowry was Tower 16’s first purchase in Denver, though the company planned to acquire a portfolio of 2,000 units over the next 18 months. It currently has no Denver-area properties listed on its site, although it has a number of assets in Las Vegas, Phoenix and the Inland Empire in the greater Los Angeles area.