Denver Luxury Community Sells for $225M
The property is located in the city’s Cherry Creek neighborhood.
The Seasons of Cherry Creek, a 587-unit, three-building, 530,575-square-foot property in one of Denver’s most exclusive neighborhoods, has changed hands for $225 million in one of the area’s largest real estate deals.
The Broe Group, a Colorado-based multibillion-dollar investment group with real estate and other holdings throughout North America, has acquired the Class A multifamily community from Seasons Residential LLC, a company affiliated with RedPeak Properties, according to the Denver Business Journal. RedPeak, a Denver-based apartment owner-operator and development firm, had owned the property at 3498 E Ellsworth Ave. since 2005. It had purchased the asset, which then had 439 units, for $75 million. In September 2008, RedPeak broke ground on a $65 million expansion project to add 148 units to the complex that had a 15-story tower and a nine-story building. The new 13-story building was the first multifamily asset to be constructed as part of Colorado’s Built Green program to incorporate green standards at the property and increase energy efficiency.
Broe Real Estate Group, a division of The Broe Group, is headquartered in the Cherry Creek neighborhood. The acquisition of The Seasons of Cherry Creek marks one of the largest real estate transactions in the Cherry Creek neighborhood’s history. The price paid for the property was first reported by the Denver Business Journal.
The Seasons of Cherry Creek is The Broe Group’s latest addition to a multifamily portfolio of long-term, family-owned holdings including Country Club Towers II and III, two-building, 1 million-square-foot luxury apartment property located nearby at 1101 E Bayaud Ave.
Located on 5.2 acres, the property is within walking distance of two major malls, the Cherry Creek Mall and Cherry Creek North, and the numerous restaurants and boutiques. The complex has studios and one-, two- and three-bedroom units ranging in size from 457 to 1,811 square feet. Apartment features include open floor plans, quartz or granite countertops, custom cabinetry, stainless steel appliances, eco-friendly flooring, walk-in closets, in-unit washers and dryers, gas fireplaces and private balconies.
The complex has a 24-hour concierge service. Community amenities include a pool, fitness center, clubroom, business center, demonstration kitchen, entertainment and media lounge, bicycle storage, cyber café, barbecue and picnic area, dog spa and dog park.