Lowry apartments sell for $105 million to Ohio-based buyer

An Ohio-based buyer paid $105 million for a newly built Lowry multifamily community at a record-setting mark for a Denver metro garden apartment property.

The Connor Group added to its Colorado holdings with its purchase of Broadstone Lowry, renamed Alas Over Lowry to pay tribute to Lowry’s Air Force Base history during World War II.

The 300-unit luxury multifamily community at 8505 Lowry Blvd. in Denver sold for $350,000 per unit – a record per-unit price for Denver garden product, according to the listing brokerage firm.

The buyer began pursuing the property before COVID-19, however, with the pandemic’s onset, the seller temporarily pulled the listing. The Connor Group’s Founder and Managing Partner Larry Connor once more pursued the deal when it was relisted.

“The market turmoil created opportunity,” said Connor. “We’ve remained open for business and are actively leveraging our relationships to secure acquisitions that fit our long-term plans.”

Alliance Residential, which developed the community, completed last year, sold Broadstone Lowry. It was represented in the sale by Newmark Knight Frank’s Terrance Hunt, Shane Ozment, senior vice chairmen; Amanda Meldrum, senior transaction manager; and Craig Ratterman, transaction manager.

“Built in 2019, Broadstone Lowry’s high-quality construction and finishes made it attractive to investors and residents alike in the supply constrained submarket of Lowry,” said Hunt. “This was a unique transaction because the property was sold while still in lease-up, which has been a rare occurrence during COVID-19. All parties worked patiently and attentively to get this sale done during a challenging time.”

While currently in lease up, it was 57% leased at the time of closing.

The Class A property’s amenity package includes a resort-style pool, spa and pool-side cabanas; an outdoor kitchen and large fire pits; a rooftop amenity deck with panoramic views, outdoor kitchens and entertaining areas; a wellness center featuring meditation pods and a living green wall; a pet wash and grooming station; a state-of-the-art fitness center and private yoga studio; and several courtyards throughout the property.

The apartment finishes include designer kitchens, hardwood style plank flooring, stainless steel appliances, luxurious bathrooms, large walk-in closets with built-in shelving, and spacious patios and decks.

The apartment property is part of the master-planned, mixed-use Lowry redevelopment and has ample nearby green space and recreation access.

The Dayton-based real estate investment firm added to its Denver apartment portfolio for the first time since 2018 with the purchase. Alas Over Lowry is The Connor Group’s fourth acquisition this year.

“We believe people make the difference,” said Connor, whose company has continued hiring despite the pandemic. “Over the last four years, we’ve built a strong team in our Denver region, enabling us to continue growing the market when the right opportunity arises.”

The Connor Group first entered the Denver market in 2017 with the $65 million acquisition of The Gardens at Cherry Creek. Alas Over Lowry is the company’s third acquisition in the region where it owns and operates nearly 900 units. It owns and operates 13,000 units in 41 apartment communities across the country.

Featured in the October 7-20, 2020, issue of CREJ