Breakers Resort Sells for Record Price in Colorado
- Oct 17, 2016
The Breakers Resort, the Denver area’s largest multifamily asset, has traded for a state record price of $350 million. The Bascom Group sold the community to Pensam Residential and its partners, BH Equities LLC and Wafra Capital Partners Inc.; ARA, A Newmark Company, brokered the deal.
Located on roughly 190 acres, the community’s six villages include more than 1,500 units and a 26,000-square-foot recreation center. The property was originally developed in 1989, and Bascom acquired it in 2006.
The apartment buildings include the 349-unit The Breakers: Gold Coast Apartments; the 292-unit The Breakers: Friday’s Harbour Apartments; the 254-unit The Breakers: Marble Head Apartments; the 254-unit The Breakers: Winter Beach Apartments; the 208-unit The Breakers: Boundary Bay Apartments; and the 200-unit The Breakers: Oyster Keys Apartments.
“The Breakers occupies a prime infill location in a Millennial-driven submarket,” said ARA Newmark’s Terrance Hunt. Interest among investors, he added, was greatly increased due to the property being a prime candidate for a value-add strategy. “The Breakers is simply unmatched in its size, scope and standing,” he noted.
Financing of the deal—a total of $280 million—was arranged by Berkadia. Managing Director Kevin McCormack led the effort, which also included Denver’s Senior Managing Director Christopher Ellis and Senior Director Matt Schildwachter and Chicago’s Managing Director Laura Cathlina. Berkadia secured the loan through Freddie Mac.