A Dayton, Ohio-based real estate investment firm made its initial investment in Colorado with its acquisition of the Broadstone Gardens at Cherry Creek.
The Connor Group paid $65 million for the 191-unit community, renamed the Gardens at Cherry Creek. Located at 225 S. Harrison St. in Denver, the LEED Gold, Class A community was constructed in 2013.
Gardens at Cherry Creek represents the 12th location – and farthest west – for The Connor Group, which owns more than 13,000 units across cities including Atlanta; Austin, Texas; Chicago; Dallas; Dayton; Minneapolis; and Nashville, Tennessee.
“We identified Denver as a possible market for expansion in our 2016 strategic planning process. We’ve been looking at a number of Class A properties in Class A locations and waiting for the right opportunity. This is a great way to launch a new market with a high-end community in a well-established area,” said Larry Connor, managing partner of The Connor Group.
Situated in the Cherry Creek submarket, Gardens at Cherry Creek is near Colorado Boulevard and the mix of retail and dining in Cherry Creek North and the Cherry Creek Shopping Center. It also is located within the Cherry Creek School District and has convenient access to the Denver Tech Center and central business district.
The community also has direct access to the Cherry Creek Trail.
“The property is well positioned for future rent growth due to its location within the very desirable Cherry Creek submarket and can expect to continue its strong performance going forward,” said David Martin of Moran & Co.
Martin, along with Moran & Co.’s Pamela Koster, represented seller J.P. Morgan in the transaction.
Gardens at Cherry Creek comprises two buildings featuring 19 different floor plans ranging from 611 to 1,386 square feet and rents from $1,314 to $2,783. Apartments include a washer/dryer in every unit, deck or patio and stainless steel appliances. The community includes a 24-hour fitness center, rooftop deck with Zen garden, parking garage and swimming pool.
