By Jeff Hamann
TIAA has selected Pinnacle to manage the firm’s 1,184-unit Palomino Park Resort, a luxury community in suburban Denver. Prior to Pinnacle’s appointment, Legacy Partners oversaw operations of the asset, according to Yardi Matrix. TIAA acquired the property from Koelbel & Co. in 2005 for $176 million.
Located at 6700 Palomino Parkway in Highlands Ranch, the property sits two miles west of Interstate 25, enabling direct access to downtown Denver, less than 20 miles to the north. The property contains 143 two-story buildings on roughly 92 acres. Constructed between 1996 and 2001, the community contains a mix of one-, two- and three-bedroom apartments ranging in size between 727 and 1,485 square feet.
A diverse amenity mix
The community features a wide range of amenities, including:
- Five swimming pools and spas
- A fitness center
- Tennis, volleyball, basketball and racquetball courts
- A business center
- A media room
- 1,880 parking spaces
The property is currently 92.8 percent occupied, according to Yardi Matrix data. The owner is planning on updating units and amenities in the near future, which is anticipated to boost occupancy.
Image courtesy of Pinnacle