JP Morgan Sells Luxury Denver-Area Community
Situated near the city's downtown, the 326-unit luxury property was completed in 2021.
The Connor Group has grown its footprint in the Rockies, expanding into the luxury Denver multifamily market with the acquisition of a 326-unit community in Littleton, Colo. The Dayton, Ohio-based firm acquired Broadstone Olivine from JP Morgan for $100 million, according to Yardi Matrix data. Walker & Dunlop’s Dan Woodward, David Potarf, Matt Barnett and Jake Young arranged the sale of behalf of the seller.
Built in 2021, Broadstone Olivine offers newly-built studio and one-, two- and three-bedroom units that range from 500 to 1,360 square feet. The residences were built with designer kitchens, smart home tech, quartz countertops, stainless steel appliances and washers and dryers. The community’s amenities include a fitness center, lap pool, coworking space, community clubhouse, coffee bar, rooftop lounge, golf simulator, practice putting green and dog park, as well as ski and bicycle storage. According to Walker & Dunlop, the community is 96 percent occupied.
Located at 8012 W. Long Drive, residents are across the street from the Bowles Crossing shopping center that is home to retailers like Trader Joe’s, Sephora and Burlington. The community’s location puts it near major employers like Lockheed Martin, Dish and Denver Children’s. The property is situated less than 15 miles away from downtown Denver.
With the Broadstone Olivine acquisition, The Connor Group now has four communities in the Denver metro. Along with the Littleton community, the firm has three communities within Denver, including the 300-unit Alas Over Lowry, which was acquired in September 2020. The Connor Group also previously owned the 386-unit Terracina in Broomfield, Colo., which was later sold to Sares Regis Group.
Besides its Denver communities, The Connor Group has invested in luxury communities across 18 other markets in the U.S., recently entering the Phoenix, Ariz., metro with the acquisition of the 330-unit Aston Scottsdale in Scottsdale, Ariz., in June. More recently, The Connor Group acquired the 322-unit Carmel Center in Carmel, Ind., near Indianapolis.