Hines Sells Denver Community for $126M
Units traded for more than $500,000, marking one of the priciest deals in the metro this year.
Hines Interests has sold Raleigh at Sloan’s Lake, a 249-unit multifamily property in Denver, for $125.6 million. Seminole Real Estate Fund acquired the asset, while CBRE brokered the deal on behalf of the seller.
The price per unit came in at more than $500,000, marking one of the most high-profile multifamily deals in the metro so far this year, achieving record pricing.
Hines completed the property in 2021 using funds from a $43.5 million construction loan from Cadence Bank originated in 2018, Yardi Matrix information shows.
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Located at 1650 N. Raleigh St., the seven-story community is close to several dining options and Interstate 25. Downtown Denver is 3 miles away, while Denver International Airport is 22 miles northeast.
The unit mix comprises studio, one- and two-bedroom floorplans ranging between 607 and 1,720 square feet. Each apartment has walk-in closets, while select layouts also have private balconies or patios. The community also has 7,000 square feet of ground-floor retail space.
Common-area amenities at the 2-acre property include a fitness center, clubhouse, swimming pool and business center, as well as a rooftop patio and lounge. Additionally, the property has coworking spaces and 400 parking spots.
CBRE Vice Chairs Terrance Hunt and Shane Ozment, along with Senior Transaction Managers Chris Hart and Brad Schlafer, represented the seller.
Denver’s multifamily sales drop year-over-year
Denver’s multifamily transactions volume year-to-date as of October clocked in at $2.2 billion, comprising 45 properties—9,105 units—trading, according to Yardi Matrix information. This marks a considerable decrease from the $3.6 billion registered during the same period of the previous year, when 69 assets totaling 14,836 apartments changed hands.
In September, Alliance Residential Co. sold Broadstone Sterling Ranch, a 332-unit community in Littleton, Colo., for $121 million. Coit Financial Group acquired the 2024-completed property using funds from a Fannie Mae loan.
