Nuveen sells apartment community for $435m

Nuveen Real Estate has sold the Palomino Park Apartments, a 1,184-unit, upscale apartment community in the Highlands Ranch submarket of southeast Denver. The sales price was $435 million. The purchase price makes the sale the largest single-asset apartment trade in Colorado's history.

JLL's Capital Markets represented an undisclosed buyer to secure the financing.

The 1,184 apartments are part of a 106-acre master-planned community. The apartments are arranged in three separate "villages," Blue Ridge, Green River and Red Canyon, each with its own identity and individual 4,000-square-foot clubhouse. The purchase also includes access to a 26,000-square-foot recreation center, the Colorado Club, which sits on a 30-acre central park within the community and serves as an amenity for the three apartment villages as well as for the two for-sale, owner-occupied villages.

To date, approximately 50 percent of all the apartment units have undergone varying scopes of interio