LivCor Pays $66M for Denver Asset

Blackstone's multifamily arm bought the asset at 97 percent occupancy.
Denver. Image by 12019 via Pixabay.com

Watermark Residential has sold a recently completed 206-unit community in Denver for $65.9 million. The Blackstone Group acquired The Haven by Watermark through LivCor, its multifamily arm. Greystar has taken over management of the Class A asset. Rebranded The Haven, the property was 97 percent leased at the time of sale.

Watermark financed the construction through a $32.7 million loan originated by First Merchants Bank, Yardi Matrix data shows. The property was completed in 2020.

Located at 18400 Elmendorf Drive, the community offers one- to three-bedroom units with floorplans ranging between 751 and 1,415 square feet. The two-building property is situated on 6.9 acres and offers amenities such as a fitness center, swimming pool, poolside outdoor kitchen, courtyard barbecue, karaoke room, dog park and pet spa.

Situated within Denver’s master-planned community of Green Valley Ranch, the property offers a handful of dining and recreational options within easy reach, most notably the Rocky Mountain Arsenal National Wildlife Refuge. Nearby Pena Boulevard offers easy access to Denver International Airport, and downtown Denver via Interstate 70.

Watermark Residential, a wholly owned affiliate of Thompson Thrift, has developed more than 13,000 units across 19 states. Last year, the developer began construction on Ascent by Watermark in nearby Colorado Springs.