An Atlanta-based national real estate investment company made its foray into the Mountain West with its acquisition of Copper Canyon.
Carroll, a privately held real estate company that focuses on multifamily properties, paid a reported $58.75 million for Copper Canyon, a 222-unit, garden-style apartment community at 3380 E. County Line Road in Highlands Ranch.
The acquisition marks Carroll’s first acquisition for the firm’s latest vehicle, Carroll Multifamily Venture VI LP.
“Carroll has been strategically targeting and studying the Mountain West region for several years and found this attractive opportunity for our first investment in the next phase of our growth,” M. Patrick Carroll, CEO of Carroll, said in a release regarding the purchase. “Denver’s business friendly climate, high quality of life and relative affordability have led to rapid job and population growth, fueling robust multifamily demand.
“We are thrilled to acquire such a well-located, high-quality asset featuring significant value-add upside through interior and amenity renovations,” he added.
Rebranded Arium at Highlands Ranch, the community was sold by Starwood Capital Group, which purchased it in 2016.
JLL marketed the asset on behalf of the seller and procured the buyer. Managing Directors David Martin and Pamela Koster and Vice President Brian Mooney of the JLL Capital Markets team represented the seller.
Additionally, JLL worked on behalf of Carroll to secure a 10-year, floating-rate acquisition loan through Freddie Mac. The loan will be serviced through Jones Lang LaSalle Multifamily LLC, a Freddie Mac Optigo lender. Managing Director Matt Steffen of JLL’s Capital Markets led the team arranging the acquisition financing.
Arium at Highlands Ranch, located near the intersection of C-470 and University Boulevard, is situated on a 13-acre site with easy access to Denver’s southeast business corridor.
The community, constructed in 1998, comprises a mix of one-, two- and three-bedroom units averaging 884 square feet. Apartments include fully equipped kitchens, garden tubs, in-unit washers and dryers and balconies with mountain views. The community includes a swimming pool with a heated spa, courtyard with grilling area, 24-hour fitness center, business center, playground and detached garages.
At the time of sale, Arium at Highlands Ranch was 96% occupied.
With the purchase, Carroll has acquired 10 properties totaling more than $500 million in 2019 and continues to actively purchase high-quality multifamily communities in the Southeast, Southwest, Mountain West and other targeted markets across the country.