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| Sonoma Resort at Saddle Rock, 21904 East Ontario Drive, Aurora, CO |
DENVER, CO – HFF announced it has closed the sale of Sonoma
Resort at Saddle Rock, a 604-unit, Class A, garden-style, multi-housing
community in Aurora, Colorado, an eastern Denver suburb.
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| Jordan Robbins |
HFF
marketed the property on behalf of the seller, a joint venture between The
Bascom Group and GE Capital Real Estate.
An investor purchased the property for an undisclosed amount free and
clear of existing debt.
Sonoma Resort at Saddle Rock was
originally built as two separate properties in 2001 and 2002 and sits on 19.45
acres at 21904 East Ontario Drive in Aurora.
The now-combined property is located about 10 minutes east
of the Denver Tech Center, one of metro Denver’s main employment centers and
home to the headquarters of seven Fortune 500 companies.
The 97-percent
occupied property includes 30 two- and three-story buildings with one-, two-
and three-bedroom units averaging 923 square feet each.
 |
| Sean Deasy |
Community amenities include two fitness centers, a business
center, two resort-style clubhouses and pools with a Jacuzzi, an outdoor
barbeque area and a playground.
The
HFF investment sales team representing the seller was led by director Jordan
Robbins along with co-head of HFF’s national multi-housing investment sales
platform, Sean Deasy, associate director Jeff Haag and real
estate analyst Jared Buffington.
“Sonoma Resort at Saddle Rock is located in a very high demographic
submarket within one of Colorado’s best school districts,” Robbins said.
“There is very little new competition within
proximity, resulting in significant rent growth over the last 12 months, which
should continue for the foreseeable future.
The asset was highly sought after.”
 |
| Jeffrey Haag |
GE Capital Real Estate is an extension of GE's rich heritage
of building and supporting growth. Since 1973, they have been investing in the
commercial real estate sector and currently have debt and equity activities
across North America, Europe and Asia-Pacific.
Businesses that work with GE Capital Real Estate benefit from the global
know-how and expertise of GE. Learn
more at www.gecapital.com.
The Bascom Group, LLC (bascomgroup.com) is a private equity
firm specializing in value-added multifamily, commercial, non-performing loan,
real estate-related investments and operating companies.
Bascom sources value-added and distressed
properties, including many through foreclosure, bankruptcy, or short sales and
repositions them by adding extensive capital improvements, improving revenue,
and reducing expenses by realizing operational efficiencies through
implementation of institutional-quality property management.
In its history, Bascom has acquired and
renovated 250 properties totaling over 68,000 apartment units.
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873
| www.hfflp.com
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