RREEF Property closes $128.5M Colo. apartment asset acquisition

RREEF Property Trust Inc. finalized its approximately $128.5 million purchase of a 306-unit multifamily community in Centennial, Colo., from Jones I MNMA LLC.

The 274,688-rentable-square-foot luxury apartment asset is 93.5% leased and is the first finished project in the 36-acre mixed-use development project dubbed The District.

RREEF used cash on hand and $57.0 million of borrowings under its existing line of credit with Wells Fargo Bank to help fund the purchase.

The company, through its RPT The Glenn LLC unit, also obtained a $66.0 million nonrecourse loan secured by the property from Massachusetts Mutual Life Insurance Co. on the Nov. 19 closing date.

The seven-year term loan is due Dec. 1, 2028, and has a 3.02% fixed monthly interest rate.