Starwood Sells Denver-Area Community
- Sep 18, 2019
CARROLL has purchased Copper Canyon, a 222-unit apartment community in the Denver suburb of Highlands Ranch, Colo. Starwood Capital Group sold the asset, which has been renamed ARIUM at Highlands Ranch, according to Yardi Matrix.
Located at 3380 E. County Line Road, the 16-building property was built in 1998. Starwood acquired it from Equity Residential in 2016 for $48.5 million. The most recent sale was subject to a $41.2 million acquisition loan. JLL marketed the asset exclusively on behalf of the seller, procured the buyer, and worked on behalf of Carroll Organization to secure the 10-year, floating-rate financing through Freddie Mac. Jones Lang LaSalle Multifamily will service the loan.
The community sits on a 13-acre site near the intersection of State Highway 470 and University Boulevard, south of Denver, with easy access to employers concentrated around the Denver Tech Center. Units range in size from one- to three-bedroom layouts, averaging 884 square feet.
The property was roughly 96 percent occupied at the time of closing. Community amenities include a fitness center, business center and swimming pool with heated spa. Managing Directors Dave Martin and Pam Koster and Vice President Brian Mooney led the JLL Capital Markets team that sold the property.
Highlands Ranch sees another sale
Highlands Ranch, with a 2010 population of nearly 97,000, is one of the most populous unincorporated communities in the U.S. The area is relatively wealthy, with a median household income of more than $102,000 within a 3-mile radius of ARIUM at Highlands Ranch.
In December 2017, Starwood Capital Group sold Legacy at Highlands Ranch, a 422-unit community about 3 miles from the recently traded property, for $112 million, according to Yardi Matrix data. LaSalle Investment Management acquired the community at 355 W. Burgundy St. on behalf of LaSalle Property Fund.