L&G, a major investor across public and private markets worldwide with $1.533 trillion in AUM, has announced the acquisition of Outlook Golden Ridge, a premier multifamily complex located at 544 Golden Ridge Rd in Golden, from Evergreen Devco, Inc. This marks the third property L&G has acquired over the last 12 months via its long-term partnership with Taurus Investment Holdings, LLC, delivering on its ambitions to internationalize its Private Markets capabilities whilst addressing investor demand for US real estate equity exposure. A sale price was not disclosed.
Built in 2015, Outlook Golden Ridge is situated in the highly coveted City of Golden. The property comprises 177 spacious one- and two-bedroom units, offering a market-leading amenity package that includes a state-of-the-art fitness center, pool and hot tub, sky deck and expansive outdoor common areas. Outlook Golden Ridge benefits from Golden’s prime location, marked by a steady influx of residents and businesses, strict development requirements that can contribute to long-term value, and proximity to the multi-million dollar Clayworks regeneration project, which is set to enhance vibrancy and future demand.
The property, just 20 minutes from downtown Denver, will be renamed The View at Golden Ridge. Taurus will oversee the execution of the property’s business plan, focusing on a targeted renovation program to drive appreciation and long-term value creation for residents and investors. To enhance sustainability, Taurus will also work alongside its strategic energy affiliate, EcoSmart Solution, to apply its tailored retrofit program.
Alexia Gottschalch, head of US Real Estate Equity, Asset Management – America, L&G:
“I am pleased to welcome The View at Golden Ridge to our U.S. multifamily portfolio. This acquisition highlights our commitment to high-quality assets in dynamic markets, where we can make a positive impact through decarbonization. This property affirms our ambition to scale L&G’s real estate business in the U.S. We look forward to continuing our work with Taurus to explore new opportunities for growth and innovation in this sector.”
Shane Ozment, Terrance Hunt, Brad Schlafer and Chris Hart of CBRE represented the seller, Evergreen Devco, Inc. Brady O’Donnell, Jill Haug and Alex Scott of CBRE’s Debt and Structured Finance team in Denver secured the acquisition financing for the transaction. This is the second multifamily community sale the CBRE team has completed in two weeks; both sales went to institutional investors.
“Golden Ridge presents a rare opportunity to acquire a significant asset within the highly desirable Golden submarket,” said CBRE’s Terrance Hunt. “This unique location, often described as ‘a mountain town in the city,’ offers residents immediate access to Colorado outdoors while remaining conveniently close to everything metro Denver has to offer. The buyer recognized the value of this asset’s desirability and irreplaceability, a proven combination.”
According to CBRE, the City of Golden is one of metro Denver’s most supply-constrained submarkets due to historical growth cap restrictions that have limited the amount of residential development opportunities throughout the city. Due to the significant barriers to entry, Golden boasts some of the strongest multifamily fundamentals of any submarket in the region, making it one of the most desirable locations to buy and own throughout the greater metro area.
