Portola at Southglenn sells for $71 million

The 202-unit community, located at 6851 S. Gaylord St. in Centennial, is part of the mixed-use The Streets at SouthGlenn development.

An out-of-state group ended 2019 with its entry into the Colorado multifamily market.

Sunroad Enterprises, under the names Sunroad SMVA Portola LLC and Sunroad SRCP Portola LLC, paid $71 million, or $351,485 per unit, for the Portola at Southglenn, sold by Southglenn Property Holdings LLC, according to public records.

The 202-unit community, located at 6851 S. Gaylord St. in Centennial, is part of the mixed-use The Streets at SouthGlenn development.

The Portola at Southglenn, built in 2009, comprises a mix of studio, one-, two- and three-bedroom apartment units. It also has space for the development of 12 townhome units.

According to the community’s website, Portola at Southglenn features upgraded cabinetry, fixtures, countertops, farmhouse sinks, oversized tubs, solar window shades, and a washer and dryer in select units.

Community amenities at Portola include package lockers, an outdoor fire pit, garage parking, billiards/pingpong, dry-cleaning service, a heated swimming pool, on-site recycling, fitness center, hot tub, spa and clubhouse.

Additionally, it is steps from all the shopping, dining and entertainment that The Streets of SouthGlenn offers, including Parry’s Pizza, Modern Market, Snooze, an A.M. Eatery, Tokyo Joe’s, Pho 95, Bad Daddy’s Burger Bar, Whole Foods Market, the Regal Southglenn theater, Macy’s, Marshalls, Ross Dress for Less, Best Buy and Sur La Table.

CBRE’s David Potarf, Dan Woodward and Matt Barnett marketed the asset. They declined to comment on the transaction.

San Diego-based Sunroad Enterprises is a diversified holding company founded in 1977 in San Diego and consists of two divisions: real estate and automotive. Its portfolio includes a number of apartment communities in Reno and Las Vegas, Nevada, Arizona, Seattle and California. It also has been involved in projects in California, Colorado and Mexico.

Featured in CREJ’s January 15-February 4, 2020, issue

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and industrial news in the Denver metro area plus all property types in Colorado Springs, Southern Colorado, mountain towns and the Western Slope. She also handles High Fives news for the paper and is editor of the Health Care & Senior…