Invesco Bets $125M on Denver Multifamily
- Nov 12, 2015
Littleton, Colo.—HFF has recently announced the closing of The Retreat at Park Meadows—a 518-unit, Class A multifamily community in Littleton, Colo.—on behalf of PNC Realty Investors Inc., acting as investment advisor to the AFL-CIO Building Investment Trust.
Though the sale price has not been disclosed, data collected by Yardi Matrix shows that the buyer, Invesco Real Estate, paid a whopping $125 million, or an average of $241,313 per unit, to acquire the asset from AMLI Residential. An HFF investment sales team led by Managing Director Jordan Robbins and Associate Director Jeff Haag represented the seller in the transaction.
Located at 10200 Park Meadows Drive, right across the street from the Lincoln Station light rail stop, Retreat at Park Meadows consists of 518 one-, two-, and three-bedroom units averaging 1,029 square feet each. The 32-building asset offers easy access to the Park Meadows Mall, Sky Ridge Medical Center, and the newly opened Charles Schwab office campus. Additionally, the community is located southwest of both the I-25 and the Colorado 470 interchange, and provides access to the southeast business corridor and downtown Denver.
“With its low-density design and large unit sizes, Retreat at Park Meadows is a very unique asset within the Denver market and was highly sought after by investors,” said Robbins. “The property had not been upgraded since it was built 15 years ago and is prime for a new owner to complete a value-add strategy for additional growth in this extremely high demographic area.”
Photo courtesy of The Retreat at Park Meadows