Townhome/Apartment Complex in Henderson Sells for $34M
HENDERSON — The 167-unit Belle Creek Commons townhome/apartment complex in Henderson has sold for $34.17 million.
Granite Capital Group (GCG), a Santa Barbara, Calif. real estate investment firm with multiple Colorado real estate holdings, purchased the property.
Located in the Belle Creek 171-acre master-planned community, the 10-building complex was built in 2017 and 2018 and is a mix of one-, two- and three-bedroom apartments with one- or two-baths, and two- and 3-bedroom townhomes with two and a half baths and two car garages. The units range from 672 square feet to 1,461 square feet.
The project will be rebranded Enclave Belle Creek and managed by Granite Management Group to improve efficiencies and reduce operating costs. Occupancy is nearly 100 percent. Current annual rental cash flow for investors is about 7 percent, projected to increase to 8 percent.
“There is lots of new construction in the Denver area, but very little is affordable, especially for young couples and families,” says Bruce Savett, GCG founder and principal. “Belle Creek is ideally located, not far from downtown Denver and Denver International Airport. It offers an excellent K-8 charter school, a fantastic YMCA with a daycare facility and plenty of hiking paths and dedicated green space.”
Belle Creek Commons was developed and constructed by Chartered Development Company, located in Boulder.
Other GCG holdings in Colorado include Enclave Rigden Farms, 105-unit apartment/townhome complex in Fort Collins, Kipling Commons, a 48-unit residential development in Arvada, Enclave Vista Ridge in Erie, a 169-unit single-family rental project and the 302 unit Rise/Edge and Vue apartments in Cherry Creek.
Photo courtesy of GCG