JLL has closed the largest single-asset apartment transaction in Colorado history with the sale of Palomino Park Apartments, a 1,184-unit, upscale apartment community in Highlands Ranch. JLL’s Capital Markets team brokered the $435 million sale on behalf of the seller, Nuveen Real Estate and also secured $282.75 million in financing for the undisclosed buyer. The purchase price makes the sale the largest single-asset apartment trade in Colorado’s history.
The 1,184 apartments are part of a 106-acre master planned community. The apartments are arranged in three separate “villages,” Blue Ridge, Green River and Red Canyon, each with its own identity and individual 4,000-square-foot clubhouse. The purchase also includes access to a 26,000-square-foot recreation center, the Colorado Club, that sits on a 30-acre central park within the community and serves as an amenity for the three apartment villages as well as the two, for-sale owner-occupied villages.
To date, approximately 50% of all the apartment units have undergone varying scopes of interior updates. In addition, the opportunity exists to upgrade the Colorado Club, offering an ample value-add opportunity for the buyer to continue renovating the property to enhance the unique setting and characteristics of this legacy community.
Located at 6700 Palomino Pkwy., the property is positioned in an extremely sought-after suburban location with strong demographics and a large demand for high-quality rental housing. Palomino Park also benefits from its close proximity to Colorado’s largest employment concentration, the Southeast Business Corridor, which is comprised of the Denver Tech Center, Greenwood Plaza Business Park, Meridian International Business Park and Ridgegate and collectively contains over 33 million square feet of office space and employs more than 240,000 people.
The JLL Capital Markets team representing the seller was led by Executive Managing Director Matthew Lawton, Senior Managing Director Jordan Robbins and Managing Director Pamela Koster. Financing was led by Senior Managing Directors Andy Scott and Whitaker Johnson and Director Robert Bova.
“With its low-density environment, unique floor plans and unmatched amenities, Palomino Park is truly irreplaceable and represents one of the premier and unique multi-housing assets on the entire west coast,” said Robbins.