Equity Residential continues to grow its metro Denver multifamily portfolio – most recently with its purchase of The Brodie, a 312-unit, newly built apartment complex in Westminster.
According to public records, Equity Residential paid $87.75 million for The Brodie, sold by Post Investment Group.
“Located in north metro Denver atop a promontory overlooking the Rocky Mountains, The Brodie caters to the large Colorado renter demographic that favors the outdoor lifestyle over the urban core. The property will continue to perform well given its quality construction and desirable location in a supply constrained submarket,” said Dan Woodward with CBRE Capital Markets in Denver.
Woodward, alongside CBRE’s David Potarf and Matthew Barnett, represented the seller in the transaction. Located at 2311 Park Center Drive, The Brodie is situated in eight podium-style buildings on 20.66 acres on a promontory.
“What set the property apart is its views of the Front Range,” added Woodward, noting the community not only offers unbelievable views but also offers structured parking and elevator-served buildings – unique to a suburban asset.
Located along Zuni Street, just north of 120th Avenue, the property is immediately adjacent to a 7-acre park and near several retail and entertainment destinations, including Sheridan Crossing, Orchard Town Center, Downtown Westminster, the Denver Premium Outlets and TopGolf, which is expected to open in Thornton later this year.
At the time of sale, The Brodie was around 97% occupied, however, early in 2019 and late last year, the property had some softness and vacancy with four new apartment communities in lease-up in the Westminster market, explained Woodward.
“There was a lot of interest in the property but it was difficult to finance as occupancy was trending down,” said Woodward. “The buyer got a good buy. As we hit the summer months, it really filled up and actually got rid of concessions.”
Additionally, “It is really difficult to build in Westminster. Long term, I think the buyer will do really well in this supply-constrained market as it’s a good property in a great location.”
The Brodie features a mix of one-, two- and three-bedroom apartment homes that include granite countertops, stainless steel appliances and in-home washers and dryers. Community amenities include a resort style pool, clubhouse, fitness studio and an outdoor sand volleyball court.
The purchase is the latest by Equity Residential in its return to the Denver market, after exiting in January 2016. In addition to The Brodie, Equity also owns Eviva on Cherokee, Radius Uptown, SkyHouse and Venue at the Promenade.