Prime West has plans of building a 209-unit mid-rise housing project called Alloy Sunnyside. The Denver-based developer will execute this project on a 0.8 acre site, located at 42nd and Jason Streets in Denver. The project’s site is also a half-block away from the 41st and Fox RTD transit station and this makes its location quite commuter-friendly, as it connects riders to Union Station, Olde Town Arvada, Wheat Ridge and Westminster.
According to the city’s site approved plan, the Alloy Sunnyside project will cover the development of an eight-story building and 209 apartments consisting of studio, one-, two- and three-bedroom units, which will occupy about 731 square feet of space. The development plan also allots 2,400-square-feet of space for developing ground-floor retail space; structured parking, with 187 parking spaces of which some spaces will be designed as underground parking spaces; the plan also includes shared spaces such a clubhouse, fitness center, outdoor pool and sundeck, terrace lounge and dog wash station.
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Alloy Sunnyside offering 21 affordable housing units
The Alloy Sunnyside housing project will offer 21 rent-restricted units and none of these restricted units will be for sale. These 21 units will provide affordable housing for people earning 80% of the area’s average median income. The remaining apartments will be set at the standard market rate. According to RentCafe, a listing service for apartments nationwide, the pricing of one-bedroom apartments in the Sunnyside neighborhood could range from $1,280 to $1,783.
JJL partnered with Angelo Gordon & Co. L.P. to secure funding for the Alloy Sunnyside housing project. Prime West was represented by the JLL Capital Markets Debt Advisory team in this deal; through which they were able to arrange $71.8 million in joint venture equity and construction financing for the project. Those who led the JLL Capital Markets Debt Advisory team comprised of Leon McBroom, managing director; Mark Erland, managing director; and Will Hass, an associate.
Leon McBroom of JJL, described be Alloy Sunnyside housing project as a well located multi-housing opportunity, developed by first-class sponsors like Prime West. McBroom also said, “Alloy Sunnyside will provide needed housing to the supply-constrained northwest submarket of Denver, and JLL is grateful for the opportunity to bring capital partners together to form the capital stack.”
