Denver Community Trades for $45M
HFF negotiated the transaction on behalf of the seller. ColRich Multifamily purchased the 272-unit property in southeast Denver from Jackson Square Properties.
By Razvan Cimpean
Jackson Square Properties sold The Park at Canyon Ridge, a 272-unit community in southeast Denver, to ColRich Multifamily. The 15-building asset changed hands for $44.9 million. The buyer acquired the property subject to existing debt. The community was 94 percent occupied at the time of sale.
The multifamily property is located at 9757 E. Colorado Ave., within walking distance of multiple public transportation, dining and shopping options. The Park at Canyon Ridge features one- and two-bedroom apartments ranging from 630 to 978 square feet. Community amenities include a clubhouse, tennis court, fitness center, swimming pool and 350 parking spaces.
HFF Managing Director Jordan Robbins and Directors Jeff Haag and Anna Stevens negotiated the transaction on behalf of the seller.
Earlier this year, Jackson Square Properties also acquired Gateway Park Apartments, a 328-unit Denver garden-style community.
Image courtesy of Yardi Matrix