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May 21, 2018
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Bell Partners Pays $78 Mil for 306-Unit Res Asset in Colorado


Bell Partners Inc, out of Greensboro, NC, has acquired Alta Cherry Hills, a Class AAA, 306-unit asset in the Denver suburb of Englewood, CO, for $78 mil ($255k/unit). The property occupies a 4.56-acre site at 3650 South Broadway, the highly-visible, southeast corner of the “South Broadway Mile” and West Hampden Avenue, a haven for retail and dining options south of downtown Englewood.

Constructed in 2016, the LEED Silver property consists of two buildings and over 540 resident parking spaces. The complex offers of a mix of spacious studio, one-, two- and three-bedroom floor plans that average 915 sf.

Alta Cherry Hills is heavily amenitized with an expansive, resort-style pool area; rooftop deck featuring incredible views of both downtown Denver and the mountains; a fully-equipped fitness center; a yoga studio; a bike and ski repair shop and an outdoor barbecue and dining area. Unit interiors include high-end, state-of-the-art finishes such as granite countertops, stainless steel appliances and designer two-toned paint.

The property is situated in a prime location near the two largest employment centers in metro Denver. The community also provides convenient access to local retail centers, including River Point Shopping Center, an exciting urban renewal project consisting of an outdoor collection of shops, dining and entertainment options, and major retailers. Residents are also located less than one mile from two light rail stations which offer alternative commuting options. At the time of purchase, the property was 96 percent occupied.

Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment with ARA Newmark represented the developer and seller, Atlanta’s Wood Partners, in the deal.

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