Denver apartment complex sells for record $350m
Florida-based Pensam Residential, BH Equities and Wafra Capital Partners have acquired a majority stake in The Breakers Resort in Denver, a 1,523-unit apartment complex in Denver, for $350 million or nearly $230,000 per unit.
The sellers were The Bascom Group and Denver-based Koelbel & Co., which will remain as a minority partner.
In addition to being the largest transaction in Colorado's history, the trade is the second-largest apartment sale in the country this year, according to listing brokerage ARA Newmark.
The property is located on 90 acres of land, which includes six separate villages around a privately owned lake and a 26,000-square-foot recreation center. The property is 95 percent occupied with average lease rates at about $1,500 per month.
The average multifamily rent in the Denver metropolitan market reached historic levels during second quarter 2016, according to Colliers International. Average apartment rents increased