J.P. Morgan Buys $127M Denver Asset

Forum Real Estate Group sold the 300-unit community through HFF. The high-end property is located near the Denver Tech Center.

J.P. Morgan Asset Management acquired Kent Place Residences, a 300-unit, ultra-luxury property in Englewood, Colo., for $127.4 million. HFF worked on behalf of the seller, Forum Real Estate Group.

The three four-story and six-story buildings offer a mix of one-, two- and three-bedroom units ranging in size from 832 to 2,779 square feet. According to data provider Yardi Matrix, the average rental rate was $2,470 as of May. Common-area amenities include:

  • bocce ball court
  • yoga studio
  • cinema–theater and media room
  • fitness center and steam rooms
  • dog walking
  • outdoor grill and kitchen
  • complimentary bike rentals
  • open-air swimming pool and spas
  • rooftop lounge
  • virtual golf
  • wine storage room

Value-add location

Located at 3465 S. Gaylord Court, the 5.8-acre community is situated adjacent to the Cherry Hills Village neighborhood. A mix of various destinations, including Cherry Hills Country Club, Wellshire Golf Course, University of Denver, Denver Tech Center, Washington Park and Bonnie Brae, are also nearby.

Jordan Robbins and Directors Jeff Haag and Anna Stevens led the team that represented the seller. The community was 90.7 percent occupied as of June.

“Kent Place is one of the most unique multifamily properties in all of Denver, with extremely large units to fit the area’s most prominent demographic,” Robbins said in a statement. “Additionally, Forum Real Estate Group did an outstanding job with ‘over-amenitizing’ the property to genuinely fit the resident profile. This is truly an irreplaceable asset within the market.”

Images courtesy of Yardi Matrix and Kent Place Residences