Trailbreak Partners Buys Durango Apartment Community for $35M
Denver-based private equity firm Trailbreak Partners has purchased Confluence at Three Springs, a 171-unit, garden-style, multi-housing community in Durango, for $35.25 million, according to property records. Completed in 2016 and 2018, the property is one of only two residential projects of this scale completed in the Durango region in the last 15 years.
The apartment comprises seven three-story buildings that house a mix of one- and two-bedroom units that average 845 square feet. The community is situated on 5.95 acres at 150 Confluence Ave. in the master-planned Three Springs community, which was developed by the seller, GF Properties Group, a wholly owned subsidiary of the Southern Ute Indian Tribe Growth Fund.
The JLL Capital Markets Investment Advisory team representing the seller included Directors Mack Nelson and Christopher White. The JLL Capital Markets Debt Placement team representing the borrower was led by Director Rob Bova and Managing Director Josh Simon.
“Our team was pleased to work on behalf of GF Properties to secure a buyer for Confluence at Three Springs in the dynamic Durango market,” White said. “The strong execution by Trailbreak is evidence of the quality product developed by GF Properties and the enviable success of the entire Three Springs development.”
Photo courtesy of JLL