DENVER–(BUSINESS WIRE)–Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $127.4 million sale of Kent Place Residences, a 300-unit, ultra-luxury, Class A apartment community located in the Cherry Hills Village area of Englewood, Colorado.
HFF marketed the asset on behalf of the seller, Forum Real Estate Group. Institutional investors advised by J.P. Morgan Asset Management purchased the asset and assumed the existing financing at closing.
Completed in 2015, Kent Place Residences consists of three four- or six-story buildings offering a mix of one-, two- and three-bedroom units averaging 1,243 square feet, more than 25 percent larger than units at competing properties. Apartment homes feature market-leading interior finishes, including oversized windows, vinyl wood-plank flooring, designer lighting, five-piece bath, custom cabinetry, granite countertops with under mount sinks, walk-in closets, Whirlpool stainless steel appliances, full-size washers and dryers, and large private balconies or patios. Additionally, the property contains the only for-rent penthouses in the highly-affluent southeast Denver area. Penthouses range between 2,375 and 2,779 square feet and contain upgraded amenities, including Electrolux appliances with gas ranges, quartz countertops, hardwood flooring, glass tile backsplash, private garages, floor-to-ceiling windows with stunning views, gas fireplaces and access to the roof-top lounge. Kent Place Residence’s outdoor amenities consist of a rooftop lounge with views of the Rocky Mountains and downtown Denver and outdoor televisions and barbeque grills, outdoor kitchens, a walking trail, pool with two spas, community garden, pet play area, bocce ball court and complimentary bike rentals in addition to the approximately 34,000 square feet of indoor amenity space that includes a fitness center, cyber café, steam showers, yoga and spin studio, massage room, virtual golf, 24-hour concierge, guest suites, movie theater and wine storage room.
The 5.85-acre community is located adjacent to the Cherry Hills Village neighborhood, one of the most affluent areas in the Rocky Mountain region and the highest demographic location within Denver. Kent Place Residences is positioned on the corner of East Hampden Avenue and University Boulevard and is included within a mixed-use development equipped with approximately 34,000 square feet of retail anchored by a King Soopers Fresh Fare grocer. Additionally, in addition to prominent medical districts, residents can easily access four of Denver’s premier employment centers, Denver Tech Center, Southeast Business corridor, downtown Denver and Cherry Creek, along with premium retail at Cherry Creek Shopping Center, Streets at Southglenn and South Pearl Street.
The HFF investment sales team representing the seller was led by managing director Jordan Robbins and directors Jeff Haag and Anna Stevens.
“Kent Place is one of the most unique multifamily properties in all of Denver, with extremely large units to fit the area’s most prominent demographic,” Robbins said. “Additionally, Forum Real Estate Group did an outstanding job with ‘over-amenitizing’ the property to genuinely fit the resident profile. This is truly an irreplaceable asset within the market.”
About Forum Real Estate Group
Forum Real Estate Group is a full-service real estate investment firm with a focus on multifamily living. The firm has invested in more than $1 billion in real estate since 2010. Whether buying existing assets or developing from the ground up, Forum Real Estate Group creates thoughtful, branded communities that rise up to meet you. Learn more at http://www.forumre.com.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $120 billion in assets under management and over 800 professionals (as of December 31, 2016), the firm offers strategies across the alternative investment spectrum, including real estate, private equity and credit, infrastructure, transportation, liquid alternatives and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, its independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: www.jpmorganassetmanagement.com.
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.