IRET pays $144.75 million for Parkhouse Apartment property
IRET purchased the Parkhouse Apartment Homes in Thornton for a reported $144.75 million.
The real estate company focused on the ownership, management, acquisition, redevelopment and development of apartment communities purchased the 465-unit community from Starlight Investments Ltd., according to public records.
“We are excited to continue our growth in Denver and advance improvements in the quality of our portfolio. This acquisition balances our existing Denver portfolio to 50-50 downtown and suburban and allows us to achieve critical mass in this key growth market,” Mark Decker, Jr., IRET’s CEO, said in an announcement regarding the sale.
The acquisition comes on the heels of IRET’s sale of four assets in Grand Forks, North Dakota.
“The Grand Forks portfolio sale allowed us to take advantage of strong demand for multifamily product in our secondary markets and redeploy the proceeds into a best-in-class community resulting in higher-quality cash flow and better potential for growth,” he added.
Located on 24.2 acres at 14310 Grant St., Parkhouse was built in 2016.
The community features a mix of one-, two- and three-bedroom apartments include floor-to-ceiling windows, plank flooring, cherry cabinetry, granite countertops, full-size washers and dryers, walk-in closets and attached patio or balcony. Select units also include vaulted ceilings and attached garages.
Community amenities include a resort-style pool, billiards, pub-style clubhouses, fitness centers, yoga and spin rooms, community garden, dog wash, bark park, and bike and ski repair shop.
“There were a lot of offers on the property,” commented Jordan Robbins of JLL, who handled the transaction with JLL’s Pam Koster.
“There was a good amount of interest from local, national and regional groups.
“It’s a really well-amenitized property.” At the time of sale, Parkhouse was 95% occupied.
In addition to Parkhouse, IRET’s local holdings include the Dylan RiNo, Lugano Cherry Creek and Westend communities.
Featured in the November 18-December 1, 2020, issue of CREJ