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| Jordan Robbins |
DENVER, CO – HFF announced 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.
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| Jeffrey Haag |
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.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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