Hudson Grove Pays $33M for Denver Community
The purchase brought the firm's local footprint to nearly 750 units.
Hudson Grove Property Management has acquired Belle Creek Apartments, a 156-unit community in Henderson, Colo., from Hamilton Zanze. The buyer paid $32.9 million for the asset, financing the purchase with $18.6 million Fannie Mae loan from PGIM Real Estate, public records show.
The property previously changed hands in 2016, when Hamilton bought it from Independence Realty Trust in a $23 million value-add deal, Yardi Matrix reveals. Renovations included unit upgrades and exterior improvements, as well as the construction of a new clubhouse.
Completed in 2002, Belle Creek encompasses three buildings with one-, two- and three-bedroom floorplans ranging from 545 to 1,010 square feet. Apartments feature washers and dryers as well as dishwashers, with wood-style flooring and patios or balconies for select units. Common-area amenities include a playground, a picnic area and a dog park, as well as Amazon package lockers.
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Situated on nearly 5 acres at 10754 Belle Creek Blvd., the community is roughly 1 mile from U.S. Route 85 and Interstate 76. Henderson city center is some 3 miles from the property, while downtown Denver is nearly 15 miles away. The property is in School District 27J, home to Eagle Ridge Academy, John W. Thimmig Elementary School and Landmark Academy at Reunion.
Denver’s dynamic rental market
With this acquisition, Hudson Grove’s footprint expanded in the Denver metro area to nearly 750 units, according to Yardi Matrix. Enclave Belle Creek, a 167-unit multifamily community also owned by Hudson, is within walking distance of Belle Creek.
Denver transactions had a slow 2023, according to a Yardi Matrix report, same as most of the country. Just 40 properties traded last year through November, half of 2022’s nearly 80 transactions.
However, the market appears to be thawing if short-term indicators are any clue, with 11 assets changing hands in the first two months of 2024 for a total of $756.6 million, compared to 2023’s six assets trading during the same period for $317.9 million, Yardi Matrix data shows.
