Manulife Completes $145M Denver Luxury Buy
- Jun 29, 2021
Manulife Investment Management has acquired TriVista on Speer, a 322-unit luxury property in Denver, for $144.5 million. The seller was Legacy Partners, Yardi Matrix data shows.
MetLife Investment Management provided $86.7 million in acquisition financing, based on public records. The loan is scheduled to mature in 2028.
TriVista on Speer, formerly known as Legacy at Speer, was completed in 2019 and was 90 percent occupied at the time of sale. Avenue5 Residential has taken over as property manager, according to the property website.
The seven-story community, located at 1350 Speer Blvd., features a combination of studios and one- to three-bedroom units ranging from 592 to 1,819 square feet. Amenities include a two-story fitness facility, a swimming pool, a spa, a rooftop deck, an outdoor lounge, two courtyards, a pet spa, a wine cellar and a conference room.
Situated in Denver’s Golden Triangle neighborhood, TriVista on Speer provides direct access to the Cherry Creek Bike Path and is near the Denver Art Museum and Kirkland Museum of Fine & Decorative Art. The Colorado State Capitol is less than a mile east of the property.
According to Pritesh Patel, head of U.S. Real Estate Investments at Manulife, the company is interested in expanding its Denver real estate footprint thanks to the metro’s quality of life and flourishing job market. In April, Denver ranked second among the top five western markets for multifamily transactions. Thanks to its diversified economy and rapid population growth, the market is on a strong path toward recovery.