Trailbreak Partners LLC, a Denver-based private equity firm, has acquired the 171-unit Confluence at Three Springs Apartments located at 150 Confluence Avenue, Durango, from GF Properties Group, LLC for a purchase price of $35.25 million. Confluence at Three Springs, a best-in-class apartment complex, anchors the town center of Three Springs, a vibrant walkable 621-acre master planned community that mixes residences, commercial districts, neighborhood retail and recreation.
Built in 2016 and 2018, Confluence at Three Springs features spacious one- and two-bedroom apartment homes and three commercial tenants including a Mexican restaurant, yoga studio and bridal boutique. Community amenities include direct hiking trail access, playground, outdoor cooking areas / seating and a resident lounge.
“Confluence at Three Springs is a great addition to our portfolio as Durango is a demographically attractive growth market that is woefully underserved by newer institutional-quality, Class A apartments,” says Doug Elenowitz, co-founder and principal, Trailbreak Partners, LLC. “Confluence provides strong current income and the opportunity for cash flow growth through select amenity improvements and hands-on asset management to optimize property operations.”
Renowned for its exceptional quality of life with access to world-class skiing, mountain biking, hiking, and fishing, Durango has experienced robust population and employment growth alluring to young professionals and outdoor enthusiasts.
Ethan Argov, vice president at Trailbreak Partners, adds, “Durango’s growth has been exceptional over the last decade, and with significant barriers to entry and limited new supply, Confluence at Three Springs can expect to be well-insulated from future supply amongst market-rate multifamily product.”
JLL Capital Markets led by Managing Director Josh Simon and Director Rob Bova worked on behalf of the borrower to secure the 10-year, fixed-rate loan through Freddie Mac.
Rendering courtesy of Trailerbreak Partners