ARA Newmark secured the $91.6 million sale of a two-property, 456-unit portfolio located in Centennial, Colo. Vice Chairman Terrace Hunt, Shane Ozment, Jeff Hawks and Doug Andrews represented the seller, Kennedy Wilson.
Located at 6760 S. Glencoe St., on the corner of Arapahoe Road and Holly Street, the 144-unit Villas at Holly consists of one-half and two-story buildings and features one-bedroom and two-bedroom units averaging 908 square feet. Some of the units in Villa at Holly, constructed in 1980, have benefited from recent in-unit renovations. Community amenities include a clubhouse, tennis court, sparkling swimming pool and a state-of-the-art fitness center. According to Yardi Matrix data, the property was 97.9 percent occupied at the time of the sale.
The 312-unit Villas at Homestead, located at 6857 S. Homestead Parkway, less than 1 mile from Villas at Holly, consists of one-half and two-story buildings featuring one-, two- and three-bedroom units. The property features amenities such as a clubhouse, waterscape, a fitness and a business center, a swimming pool, playground, tennis court and spa. Villas at Homestead was recently sold for $65.4 million to Jackson Square Properties.
“Renovated units are achieving rent premiums of more than $200 per unit, and the buyers have ample opportunity to continue the lucrative value-add strategy,” Hunt, said in prepared remarks. “Both Villas at Holly and Villas at Homestead are well-located assets in a high barrier-to-entry market; high construction costs and site scarcity in Centennial underscore the significance of the sale. Villas at Homestead feeds into the Cherry Creek School District, which is widely recognized as the best in metro Denver.”
Both properties are close to the Denver Tech Center, to Denver’s only IKEA store, as well as the 1.6 million-square-foot Park Meadows Mall. Earlier this year, ARA Newmark closed the $26.3 million sale of 144-unit Villas at Holly to Triumph Properties Group.
Images courtesy of Yardi Matrix