DENVER, CO – HFF announced today that it has closed the $26.25 million sale of Rockledge Bear Valley, a 230-unit, garden-style multi-housing community in Denver.
HFF marketed the property on behalf of the seller, a joint venture between ColRich Multifamily and Harbert Management Corporation. Jackson Square Properties purchased the asset for $26.25 million free and clear of existing debt.
Rockledge Bear Valley is located at 3550 South Kendall Street in southwest Denver on the border of Lakewood and Jefferson Counties. Partially renovated between 2012 and 2014, the 96-percent leased property includes 10 three-story buildings with one- and two-bedroom units averaging 808 square feet each. Community amenities include a resort-style swimming pool, bocce ball court, outdoor grilling areas, state-of-the-art fitness center, dog park, clubhouse and business center.
The HFF team representing the seller was led by director Jordan Robbins, associate director Jeff Haag and real estate analyst Jared Buffington.
“ColRich/Harbert completed significant exterior and interior upgrades to the property giving it a competitive advantage within the submarket yielding incredible income growth throughout the last year. This was a highly sought-after property, but Jackson Square was the perfect buyer as it fits well within the company’s current portfolio and they will be able to continue the interior renovations to generate additional yield,” said Robbins.
ColRich Multifamily is a private, family run, residential real estate development and investment firm. The company currently manages a portfolio of approximately 9,500 units in the western United States. Leveraging upon its construction expertise, ColRich Multifamily primarily invests in the value-add spectrum, with a heavy emphasis on value creation through either extensive renovations and repairs or ground up development.
Harbert Management Corporation (HMC), together with its sponsored funds, has owned, developed and managed multifamily, office, industrial, retail and self-storage properties throughout the United States. HMC has a history of identifying real estate investment opportunities through its network of long-term, strategic relationships. Additional information about HMC can be found at www.harbert.net.
Jackson Square Properties is a privately-held company that capitalizes institutional grade assets in Seattle, Portland, California, Salt Lake City, Denver, and Chicago in submarkets with barriers to entry. Since 2010, JSP has acquired more than 14,000 apartment units. The company’s current portfolio consists of apartment units nationwide with concentrations in Seattle, Portland, Denver, Chicago and Utah.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.