CBRE Acquires $51M Denver Asset

The Class A property is located adjacent to 500,000-square-foot retail redevelopment Gardens on Havana and is in close proximity to downtown Denver and Denver Tech Center.

ARA Newmark arranged another Denver community sale, representing AIG Global Real Estate and Post Investment Group in the sale of Viridian at the Gardens on Havana, a 227-unit property located in Aurora, Colo. CBRE Global Investors acquired the asset for $51 million, according to data provider Yardi Matrix.

High occupancy rate

Located at 10901 E. Garden Drive, the Class A development consists of nine two- and three-story buildings. The property offers one-, two- and three-bedroom units ranging in size from 657 to 1,808 square feet. According to Yardi Matrix, the community had a 97.8 percent occupancy rate as of June. Common area amenities include:

  • state-of-the-art fitness center
  • bike rack with rentable tour bikes
  • clubhouse
  • pool deck
  • resort-style swimming pool
  • business center

Viridian at the Gardens on Havana is situated adjacent to a Class A 500,000-square-foot retail redevelopment Gardens on Havana Shopping Center, anchored by Target, Sprouts Farmers Market, Dick’s Sporting Goods, Petco, Starbucks and Kohl’s. The property is in close proximity to Cherry Creek School District, one of the highest-achieving school districts in the state, Regional Transportation District RTD service and offers convenient access to Interstates 25 and 225, Cherry Creek State Park, DIA Buckley Air Force Base, Denver Tech Center and downtown Denver.

“Viridian at the Gardens on Havana is located on the old Buckingham Square Mall site, recently transformed into the Gardens on Havana redevelopment,” Terrance Hunt, vice chairman at ARA Newmark, said in a statement. “The property brought much-needed new product to the area and is walkable to over 500,000 square feet of retail and close to Lowry, Stapleton and Fitzsimons Medical Campus, making it especially desirable for tenants and investors.”

Hunt, along with Vice Chairmen Shane Ozment, Jeff Hawks and Doug Andrews, as well as Executive Managing Director Chris Cowan represented the sellers.

Images courtesy of Yardi Matrix and property website