Powered by Geothermal, Community Changes Hands for $72M

C&A Cos. and Commonwealth Group sold the 288-unit Elements at Prairie Center, located in Brighton, Colo., which taps into heat from the earth.
Elements at Prairie Center. Image courtesy of CBRE

The Summit Management Services has purchased Elements at Prairie Center, a 288-unit apartment community heated and cooled by geothermal energy in the Denver suburb of Brighton, Colo., for $72 million. The developer, a partnership of C&A Cos. and Commonwealth Group, sold the asset in an off-market transaction brokered by CBRE.

Located at 3128 Eagle Blvd., the property is the second geothermal community that C&A Cos. and Commonwealth Group have developed in Brighton, after Solaire Apartments just 1.5 miles away. The partners built Solaire Apartments in 2014 and sold the 252-unit community to Inland Real Estate Group for $57.5 million in 2016, according to Yardi Matrix.

Elements at Prairie Center consists of 12 buildings with 264,579 rentable square feet on a 15-acre site. The property has a mix of one-, two- and three-bedroom units with rents ranging from $1,360 to $1,992 per unit. Community amenities include a fitness center, business center, clubhouse, outdoor pool and spa, plus 280 parking spaces. Apartments have in-unit washers and dryers and fireplaces are available in third-floor units.

Greystar, the prior managing agent for the property—its tenure ended with the sale—described Elements at Prairie Center on its corporate website as an “Ecoluxe community” offering residents a 50 percent reduction in heating and cooling costs. A CBRE team of Dan Woodward, David Potarf and Matthew Barnett represented the seller in the transaction. Brady O’Donnell, Jeff Halsey and Jill Haug on CBRE’s Capital Markets, Debt & Structured Finance team arranged the acquisition financing.

Elsewhere in Brighton, two vintage multifamily properties changed hands for $9.5 million in June 2018. Brighton Terrace Apartments sold the assets with a combined 76 units to a buyer identified as 29th St. Management.