Denver Gateway Park Apartments Changes Hands
- Aug 09, 2017
Gateway Park Apartments, a 328-unit garden-style community located in Denver has been acquired by Jackson Square Properties for $75.3 million. HFF arranged the sale of the Class A asset on behalf of the seller, a joint venture between Denver-based Griffis Residential and PCCP LLC.
Located at 4255 Kittredge St., on an approximately 21-acre site, minutes away from Interstate 70 and Pena Boulevard, the property is situated near downtown Denver and Denver International Airport, as well as UC Anschutz Medical Campus, Buckley Air Force Base and Community College of Aurora.
“Gateway Park is a high-quality asset located in one of the Denver metro’s strongest rent-growth submarkets,” said Jordan Robbins, managing director at HFF in a prepared statement. “We received a lot of interest in the property due to its value-add nature and supply constrained location,” he added.
The 22 two-story buildings offer one-, two- and three-bedroom units ranging in size from 705 to 1,177 square feet. Common area amenities include:
- two swimming pools
- sundeck and spa
- state-of-the-art fitness center
- tranquil fishing lake
- business center with conference room
- outdoor barbecue area
The pet-friendly community also features walking trails, a 24-hour emergency maintenance and a total of 350 parking spaces. According to data provider Yardi Matrix, Gateway Park Apartments had an average rental rate of $1,478 as of July.
Robbins, along with HFF directors Jeff Haag and Anna Stevens led the investment sales team that represented the seller.
Image courtesy of Gateway Park Apartments