Saturday, November 22, 2014

HFF closes sale of 604-unit multi-housing community in suburban Denver, CO


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. 

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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