Geothermal-Powered Apartment Community in Brighton Sells for $72M
Last week, a 288-unit, geothermal-powered apartment community in Brighton, sold for $72 million in an off-market transaction. Elements at Prairie Center, located at at 3128 Eagle Boulevard is the second 100-percent geothermal apartment community the ownership partnership of Littleton-based C&A Companies and Delaware-based Commonwealth Group, has developed in the Brighton area.
CBRE’s Dan Woodward, David Potarf and Matthew Barnett represented the developer and seller. Summit Management of Akron, Ohio, was the buyer. CBRE also arranged the acquisition financing (Brady O’Donnell, Jeff Halsey and Jill Haug).
“Elements at Prairie Center is a ‘path of growth’ property that is capitalizing on the expansion of Denver’s airport corridor and the impressive northeast metro jobs story. Both multifamily occupancy levels and rents are projected to outperform in this area,” said David Potarf, executive vice president, CBRE.
C&A Companies and Commonwealth Group developed Elements at Prairie Center in 2018. It is the second 100-percent geothermal apartment community the group has developed in the Brighton area, following Solaire, meaning the buildings are heated and cooled by geothermal energy. The property includes one, two and three-bedroom floor plans totaling 264,579 rentable square feet on 15 acres. Community amenities include a resort-style outdoor swimming pool, off-leash dog park and fitness center.
Elements at Prairie Center is within walking distance of Prairie Center, an outdoor shopping center home to a range of retailers including Target, DICK’S Sporting Goods, Chick-fil-A and Buffalo Wild Wings. The community is also just across I-76 from Barr Lake and Barr Lake State Park.
Brady O’Donnell, Jeff Halsey and Jill Haug with CBRE Capital Markets, Debt & Structured Finance, in Denver arranged the acquisition financing.