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2/09/24
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Affiliates of Harbor Group International LLC purchased two multifamily communities in the metro Denver area totaling 434 units in a deal worth $132.5 mil ($305k/unit).
3360 Esker Circle, Castle Rock, CO |
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The sale included The Prospector Modern Apartments at 3360 Esker Circle in Castle Rock, CO and Ladora Modern Apartments at 18590 E. 61st Ave in Denver. Both properties were built in 2023 and are approaching lease up. The garden-style communities have both one- and two-story floorplans with high-quality interior finishes and direct garage access for select units. The properties also have high-end community amenities including resort-style pools, full-circuit fitness centers, mail and package services, and pet parks and spas.
In southeast metro Denver, the Prospector has 238 units with one-, two- and three-bedroom floorplans averaging 1k sf in size. The property is located near the intersection of Founders Pkwy and Fifth St, within a five-minute drive of downtown Castle Rock and Interstate 25, providing connectivity to the employment hubs in both Denver and Colorado Springs.
In northeast Denver, Ladora has 196 units with one-, two- and three-bedroom floorplans with an average apartment size of 1k sf. The community sits near the intersection of 61st Ave and Tower Rd, less than a mile from the 61st and Pena Station light rail stop. The property is surrounded by multiple large developments expected to add thousands of new jobs and residents to the area, including the adjacent 490-acre Pena Station Next, aiming to be the nation’s first “smart city.”
Terrance Hunt, Shane Ozment, Andy Hellman and Justin Hunt with CBRE’s multifamily investment properties team in Denver represented the seller, The Garrett Companies. CBRE’s Debt & Structured Finance team arranged the acquisition financing, led by Shawn Rosenthal, Jason Gaccione, and Jake Salkovitz in New York, along with Brady O’Donnell and Jill Haug in Denver.
“This sale is a good sign for the market as our top bidders were institutional buyers that were attracted to the scale that the multiple properties presented. This is a change from the past 12 months, which were primarily dominated by private capital and smaller transactions,” noted Hunt.
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