Summit Management Wins $86M CO Community
The company acquired Stonegate, a 350-unit, garden-style property.
Broomfield, Colo.—Stonegate, a 350-unit, garden-style multifamily community in Broomfield, Colo., has traded hands for $86 million. The buyer was Ohio-based Summit Management Services Inc., while the seller was Connecticut-based Starwood Capital Group.
The deal was essentially a flip for Starwood, since the company acquired the property at 11815 Ridge Parkway from real estate billionaire Sam Zell’s Equity Residential a little more than a year ago. Stonegate was one of 18 Colorado multifamily assets that Equity sold to Starwood for about $1.37 billion.
Stonegate has 18 two- and three-story buildings offering a mix of one-, two- and three-bedroom units with attached and detached garages. The 24-acre property is roughly midway between downtown Denver and Boulder, and offers views of the Rocky Mountain Front Range.
Besides the views, common amenities include a resort-style swimming pool, hot tub, grilling area, playground, dog park, 24-hour fitness center, and resident lounge with full kitchen and fireplace. The property is 95 percent occupied.
HFF represented the seller in the transaction, led by managing director Jordan Robbins and associate director Jeff Haag. For its part, Summit has been quite active as an apartment investor in Colorado. Currently the company owns more than 1,350 apartment units in the state.
