Trailbreak Partners Acquires Colorado Community
- Oct 02, 2020
After building Confluence at Three Springs as part of its mixed-use development, GF Properties Group has sold the garden-style community in Durango, Colo. Trailbreak Partners purchased the multifamily property from GF Properties for $32.3 million, Tim Zink, asset manager for GF Properties, told Multi-Housing News. JLL’s Mack Nelson and Christopher White represented the seller in marketing the property, while JLL’s Rob Bova and Josh Simon arranged a 10-year fixed-rate Freddie Mac loan for Trailbreak’s acquisition.
Confluence at Three Springs is made up of 171 units in one- and two-bedroom floorplans that average 845 square feet. The apartments are divided between seven three-story buildings that were completed in two phases in 2016 and 2018. The apartments include a patio or balcony and in-unit washer and dryer while the property’s amenities include direct trail access, barbecue grills, a playground, outdoor lounge, resident lounge, yoga studio and restaurant and bar.
BUILDING UP DURANGO
Located at 150 Confluence Ave., the community is situated on a 5.9-acre site that’s part of a master-planned mixed-use development from GF Properties. The 681-acre project, called Three Springs, began infrastructure work in 2004 and now includes residential, office, retail, park and school uses. The multi-use project also highlights “green practices” including planting greenery throughout the neighborhood gathering areas, installing energy efficient lights on the trails and streets and building homes that consume 33 percent less energy than the typical household.
According to JLL, Confluence at Three Springs is one of a few multifamily projects of this scale in Durango that was completed in the last 15 years. Alongside Confluence, the 194-unit luxury community, Rocket Pointe, is still under construction but has begun pre-leasing. Outside of Durango, Trailbreak has also worked on a 49-unit affordable housing project in Denver, Colo., back in 2016.