DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $75.25 million sale of Gateway Park Apartments, a 328-unit, Class A garden-style multi-housing community located in Denver, Colorado.
HFF marketed the asset on behalf of the seller, a joint venture between Denver-based Griffis Residential and PCCP, LLC. Jackson Square Properties purchased the asset free and clear of existing financing.
Gateway Park Apartments consists of 22 two-story buildings, which house one-, two- and three-bedroom units averaging 896 square feet. The property is situated on 20.98 acres at 4255 Kittredge Street near Interstate 70 and Pena Boulevard in northeast Denver placing it within a short distance to several of Denver’s employment centers, including Denver International Airport and the Fitzsimons Medical Campus. Community amenities include two swimming pools with sundecks and all-season spas; outdoor dining area with gas grills; private lake with fishing and beach; walking and jogging path along the adjacent nature preserve; state-of-the-art fitness center, clubhouse with fireplace and kitchenette; business center; and community recycling program. The property was 98 percent leased at closing.
The HFF investment sales team representing the seller was led by managing director Jordan Robbins and directors Jeff Haag and Anna Stevens.
“Gateway Park is a high-quality asset located in one of the Denver metro’s strongest rent-growth submarkets,” Robbins said. “We received a lot of interest in the property due to its value-add nature and supply constrained location.”
About Griffis Residential
With approximately $1.8 billion in multifamily assets, Griffis Residential is a vertically integrated multifamily real estate investment firm that owns and manages nearly 8,300 Class A apartment units. Target markets include Denver, Seattle, Austin, Portland, Los Angeles, San Diego and the San Francisco Bay Area. For more information visit GriffisResidential.com.
About PCCP, LLC
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $5.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $11 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About Jackson Square Properties
Jackson Square Properties is a private real estate investment company located in the San Francisco Bay Area that specializes solely in the purchase and ownership of multifamily apartment communities. Founded in 2004, Jackson Square Properties has expanded over the years to own a diverse pool of multifamily assets totaling more than 75 communities with 20,000 units in 10 states.
About HFF
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.