JRK Sells Denver-Area Community for $64M

The new owner plans to upgrade the property.

JRK Property Holdings has sold Courtney Park, a 248-unit multifamily property in Fort Collins, Colo. ColRich Multifamily acquired the asset for $64.1 million. CBRE brokered the deal on behalf of the seller.

The community last traded in October 2008, in a $42.9 million portfolio transaction that involved two other assets totaling 432 units, Yardi Matrix information shows.

The previous owner made several improvements to the property by enhancing the apartment interiors, clubhouse, and common areas. JRK Property Holdings plans to further upgrade it.


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Delivered in 1986, the Class A community is at 4470 S. Lemay Ave., 6 miles from downtown Fort Collins. Denver International Airport is 65 miles away, while downtown Denver is some 58 miles south.

The property encompasses 13 buildings spread across 9 acres. The unit mix consists of one- and two-bedroom floorplans ranging between 620 and 1,120 square feet. Apartments also include private balconies or patios and walk-in closets. Common-area amenities comprise a swimming pool and spa, clubhouse, game room and business center. The community also has a fire pit and picnic area with barbecue, laundry facilities and about 440 parking spaces.

CBRE Vice Chairs Terrance Hunt and Shane Ozment, along with Senior Transaction Managers Chris Hart and Brad Schlafer, represented the seller in the transaction.

Denver multifamily sales increase year-over-year

Last year, Denver’s multifamily transactions activity reached $4.2 billion, with 72 communities—or 15,790 units—trading, according to Yardi Matrix information. This marks a considerable increase from the 45 assets—less than 9,360 apartments—changing hands in 2023 for $2.5 billion. However, the average price per unit dropped year-over-year from $322,760 to $289,244.

In November, Thompson Thrift sold Citadel at Castle Pines, a 214-unit multifamily property in Castle Pines, Colo., for $101 million. RREEF Property Trust acquired the 2023-completed asset.

Other notable deals in the area include Equity Residential’s purchase of Aventine Littleton, a 227-unit community in Highlands Ranch, Colo. Century Living, the multifamily division of Century Communities, sold the asset for $91.3 million.