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June 15, 2024
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Jackson Square Properties Closes $111 Mil Multifamily Buy in Denver


Jackson Square Properties has purchased Broadstone Kendrick, a 254-unit apartment community in Denver’s Uptown neighborhood, for $111 mil, or $437k/unit. The apartments are located at 1780 Marion St and 1160 E 18th Ave, across the street from the Uptown Medical District, home to more than 4,000 medical jobs, and one block from 17th Street’s Restaurant Row.

Constructed in two phases between 2021 and 2022, Broadstone Kendrick consists of two mid-rise buildings, each eight stories tall, with two levels of subterranean parking. The community has studio, one- and two-bedroom floorplans with an average unit size of 727 sf and 184.6k sf of total space.

The apartments were built with condo-quality finishes, including gas ranges, wine fridges, and soft-close drawers and cabinets. Community amenities include two rooftop terraces, a fitness and wellness center fully equipped with technogym and barre equipment, as well as ample lounge and coworking space.

The property was sold by Alliance Residential. They were represented by Terrance Hunt, Shane Ozment, Chris Cowan, Chris Hart, Brad Schlafer and Jessica Graham with CBRE’s multifamily investment properties team in Denver.

“Broadstone Kendrick is truly a unique asset that exemplifies high-quality construction and design in a highly coveted neighborhood adjacent to Downtown Denver. It is made up of two complimentary boutique buildings that provide an intimate living experience to residents. The buyer was attracted to the basis, which is well below today’s replacement cost, and plans to hold the property long-term,” commented Hunt.

Metro Denver’s multifamily market recorded over 4,000 units of positive net absorption in the second quarter of 2023, the third highest across all U.S. markets according to CBRE research. Central Denver, where Broadstone Kendrick is located, saw the second strongest absorption among metro Denver’s submarkets with 1,122 more apartments occupied than vacated in the quarter.

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