Description:
Capital Greens Apartments consists of 12 two-story apartment buildings situated on a 5.52-acre parcel located in Cheyenne, Wyoming. Cheyenne is the capital city in Wyoming, the county seat of Laramie County, and the principal city of the Cheyenne, Wyoming, Metropolitan Statistical Area which encompasses all of Laramie County. It is located 102 miles north of Denver and has a population of 63,957, making it the most populous city in the state. Cheyenne is the northern terminus of the extensive and fast-growing Front Range Urban Corridor that stretches from Cheyenne to Pueblo, Colorado, and has a population of 4,333,742.
Government is the largest sector of Cheyenne’s economy. The state of Wyoming operates a multitude of offices in downtown Cheyenne. Many area residents are employed by or are dependent on the U.S. Air Force, through F.E. Warren Air Force Base to the west of the city, and by the Wyoming National Guard. Railroads remain a major economic force for the city, with both the Burlington Northern Santa Fe and Union Pacific employing many residents. Lowe’s and Wal-Mart both operate distribution centers on the city’s outskirts. Sierra Trading Post is headquartered in the city and also operates its distribution and fulfillment centers in the city. In addition, because of the towns cooler summers and abundant electricity supplies (both renewable and non-renewable), Cheyenne has been able to attract a number of data centers including the NCAR supercomputing center, along with a Microsoft data center, powered by bio gas, and Green House Data’s data centers powered by wind energy.
MPC Strategy:
McKee Private Capital continued to expand its geographic footprint, entering Wyoming for the first time in May, 2020, and expanding our LIHTC tax credit portfolio. Capital Greens was packaged with another asset, River Run Apartments, located in Laramie, Wyoming, and we were able to purchase both assets at favorable terms. We also benefited from historically low interest rates, locking in a 3.25% rate on a 10 year fixed term with Freddie Mac. Year 1 investor dividends are projected at 7.5% annually.
We have retained the services of Syringa Property Management located in Boise, Idaho, a specialist in LIHTC properties, and active in the Wyoming market.
