IMT Lone Tree trades for $110.85 million

Renamed Waterford Lone Tree, the 400-unit community sold for $277,125 per unit.

Nine-figure sales continue to close across metro Denver’s multifamily market, including the reported $110.85 million sale of IMT Lone Tree.

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Braddock & Logan Homes, under the name Kentwood Investors, according to public records, added to its local portfolio with its acquisition of the 400-unit community at 10047 Park Meadows Drive, renamed Waterford Lone Tree.

Holliday Fenoglio Fowler’s Jordan Robbins, Jeff Haag and Anna Stevens represented the seller, IMT Capital. While they declined to discuss transaction specifics, Robbins noted that interest in the asset from out-of-state buyers, buyers new to the market and current market owners was significant.

“The interest in the property was high. It was definitely a very, very strong location near light rail and jobs. It’s a good demographic area.”

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The community, built in 2003, was purchased as a value-add transaction.

It features a mix of one-, two- and three-bedroom units ranging from 702 to 1,393 square feet. Apartments include 9-foot ceilings, in-home washers and dryers, kitchen pantries, crown molding, central heat and air conditioning and private patios, decks or balconies.

Community amenities include a resort-style pool with a year-round heated spa, clubhouse lounge with a cyber café, a 24-hour fitness center, children’s play area, controlled access entry, detached garages, walkability to the Lincoln light-rail station and on-site retail businesses.

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In addition to Waterford Lone Tree, Braddock & Logan also owns the Canyons at Saddle Rock, Outlook Littleton, Waterford at Southlands, Waterford Cherry Creek and Waterford on Mainstreet communities in the metro Denver area.

Featured in CREJ’s March 7-20, 2018, issue

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and retail news in the Denver metro area plus all property types in Colorado Springs and Southern Colorado. She also covers the finance market as well as solicits bylines articles and is editor of the Health Care Properties Quarterly. Before joining…