DENVER – Holliday Fenoglio Fowler, L.P. (HFF) 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. The sale is the first large institutional transaction to occur in metro Denver in the third quarter of 2017.
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.
“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,” said Jordan Robbins, managing director at HFF and one of the brokers who represented the seller. “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.”
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. 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.
Image courtesy of HFF.
