Multifamily Property in Thornton Sells for $53.6M

Highpointe Park, a 220-unit multifamily property located at 9701 Pearl Street in Thornton, has sold for $53.6 million. David Potarf, Dan Woodward, Matt Barnett and Jake Young with CBRE Capital Markets in Denver represented the seller, Hamilton Zanze. An undisclosed buyer purchased the community in a sale that closed August 13.

“Located a short drive from downtown Denver and the Broomfield/Interlocken Business Corridor, Highpointe Park is accessible to more than 200,000 jobs within Thornton,” said Mr. Woodward, executive vice president, CBRE. “Thornton has seen rapid expansion with over $350M in commercial projects completed in recent years. Additionally, multifamily properties in Thornton have demonstrated strong fundamentals with stable occupancy and low vacancy.”

While commercial real estate investment activity has slowed in the wake of Covid-19, the multifamily sector captured the highest share of total investment in Q2 2020 with $12.9 billion in sales volume across the U.S., according to CBRE research.

Built in 2013, Highpointe Park is an eight-building community comprised of 206,896 rentable square feet with a mix of one-, two-, and three-bedroom units. The property totals 7.9 acres with a clubhouse; fitness studio and yoga room; swimming pool and spa; and open parking, carport and garage options.

“The property represented an attractive investment opportunity in a high quality multifamily asset in a thriving submarket. We are elated with the execution of this transaction during these uncertain times and the outcome for our investors,” said Anthony Ly, director of Dispositions, Hamilton Zanze.

Highpointe Park is located near the intersection of Thornton Parkway and Washington Street, within walking distance of surrounding grocery, theater, restaurant, health care and fitness amenities. The property is also near two stations of the nearly complete N-Line commuter rail.

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