Granite Capital Group Closes $46M Sale of Multifamily Community in Henderson
Granite Capital Group (GCG), a Santa Barbara, Calif. real estate investment firm with multiple real estate holdings in Colorado, Montana, Texas and California, has completed the $46 million sale of Enclave Belle Creek, a 167-unit multifamily and townhome community in Henderson, Colorado. The name of the buyer was not disclosed.
The property was first acquired by GCG in 2018 and is part of the master-planned Belle Creek community. The 10-building complex, built in 2017 and 2018, is a mix of apartments and townhomes.
Transwestern Real Estate Services Vice President John Blackshire and Senior Vice President Tom Wanberg represented GCG in the sale.
“We received significant interest from many potential buyers who were understandably drawn to Enclave Belle Creek’s walkable, family-friendly neighborhood,” said Blackshire. “Rising interest rates, however, created challenges for many prospective purchasers in their capital stack. Relying on our team’s decades-long experience and relationships, we were able to secure a buyer who could close on this beautiful community.”
“Back in 2018, we noticed a lack of quality, affordable living spaces for young couples and families in the greater Denver area,” says Bruce Savett, GCG founder and principal. “We saw this shortage as a huge investment potential if we could find the right property. Enclave filled the need. The Belle Creek community is ideally located not far from downtown Denver with family-friendly amenities including plenty of walking trails, open space, an onsite fitness center, a K-8 grade charter school and close to shopping, dining and entertainment.”
“We appreciate the experience and diligence of Transwestern and its team in securing a buyer in a volatile, rising-interest rate capital markets environment,” says Evan Geeb, GCG vice president of acquisitions.
“From purchase to sale, GCG was able to generate strong returns for our capital partners. We look forward to future development and acquisition opportunities in Colorado,” says Savett
The transaction was a 1031 exchange. “A 1031 was always the intention and we see a lot of opportunity in the market for a successful replacement property,” says Geeb. ”By utilizing a 1031 exchange, investors can defer taxes on their sale proceeds and reinvest the money into a higher quality asset location that has the potential for better returns.”
“Our limited partners are very happy about the 18%-plus annual return on investment they received,” says Savett. “We may in fact raise additional capital depending on the size of the acquisition we find to complete our exchange.”