JLL closes the largest single-asset apartment transaction in Colorado history at $435M
JLL's Capital Markets brokers sale and financing for 1,184-unit Palomino Park Apartments
DENVER, June 17, 2021 /PRNewswire/ -- JLL's Capital Markets team announced today it closed the $435 million sale and $282.75 million financing for the Palomino Park Apartments, a 1,184-unit, upscale apartment community in the Highlands Ranch submarket of southeast Denver.
JLL represented the seller, Nuveen Real Estate, to complete the sale. JLL also represented an undisclosed buyer to secure the financing.
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. Palomino Park is also located near one of the area's most premiere shopping destinations, Park Meadows Mall, which comprises 4.7 million square feet of retail.
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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge deliver best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement, or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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