Crow Holdings Fund Lands $333M Denver Portfolio Refi
The collection previously traded in the largest multifamily sale in Colorado history.
A real estate fund advised by Crow Holdings Capital has secured a $333.3 million floating-rate bridge loan from Greystar for the Palomino Park multifamily portfolio, a three-property collection totaling 1,184 units across metro Denver.
JLL’s Capital Markets group arranged the financing, which includes $325 million at initial funding and $8.3 million in future funding for unit renovations. The refinancing retired the existing loans and provides capital for continued value-add renovations across the portfolio.
The Debt Advisory team representing the borrower was led by Executive Managing Director Trey Morsbach, Senior Managing Directors Campbell Roche and Tony Nargi, Senior Director Jarrod McCabe, Associate Jordan Buck and Analyst Scott Cole.
Inside the Colorado communities
The Crow Holdings Capital-advised fund acquired Palomino Park in June 2021 from Nuveen Real Estate for $435 million. At the time, it was the largest apartment trade in Colorado’s history.
Located in the 106-acre Highlands Ranch master-planned community, Palomino Park comprises three rental communities with a mix of one-, two- and three-bedroom floorplans. These include Green River, Blue Ridge and Red Canyon. Blue Ridge is the largest community, with 456 units averaging 1,050 square feet. Blue Ridge has 424 townhome-style units with a mean unit size of 1,129 square feet and 176 detached garages. Red Canyon features 304 luxury units with direct-access garages.
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he three rental communities share the Colorado Club, a 26,000-foot amenity facility with a pool, gym with basketball and racquetball courts, a full-service bar and gathering areas. A 17-acre park with three tennis courts, two full-size sports fields and a playground surround the amenity facility. Greystar manages the properties.
Since taking ownership over the assets, the fund has invested significant capital in various interior and exterior improvements in each of the communities.
Residents of Palomino Park have access to Denver’s Southeast Business Corridor, as well as the Park Meadows Mall.
Market remains active despite overall slowdown
Even though sales volumes are down year-over-year in the Western region of the U.S., following national trends, Denver placed second in the top 5 Western markets for investment through the first five months of the year, according to Yardi Matrix. Sales reached $385.5 million through May compared to $876.3 million through May 2025.
Net absorption was positive in the second quarter of 2026 at 6,550 units, the highest quarterly total since the third quarter of 2021, CBRE stated in its Denver multifamily Q2 market report. It marked a significant increase from the positive 2,699 units recorded in the first quarter, up 3,330 units year-over-year. CBRE also found average rent per unit rose 1.9 percent quarter-over-quarter to $1,764.
One of the Denver-area multifamily properties changing hands during the second quarter was Vantage at Loveland, a 288-unit, garden-style community in Loveland, Colo. J.B. Matteson acquired the asset from Vantage Communities for $72.3 million in August, according to Larimer County records. The 11-building community has been rebranded as Tyler at Loveland.
In September, FPA Multifamily acquired a three-building, 237-unit multifamily portfolio in Denver’s Observatory Park neighborhood for an undisclosed amount from 2580 South University Co. LLC; 2550 South University Co.; and 2512 South University Co. The properties include Heritage House with 91 units, Tabor House with 82 units and the 64-unit Post House.
