‘Unique’ luxury apartments sell for $127.4M

Institutional investors advised by J.P. Morgan Asset Management purchased the Kent Place Residences and assumed the existing financing at closing for the 300-unit, Class A property. 

One of metro Denver’s most unique multifamily properties traded for $127.4 million.

Institutional investors advised by J.P. Morgan Asset Management purchased the Kent Place Residences and assumed the existing financing at closing for the 300-unit, Class A property.

Located on 5.85 acres at the corner of East Hampden Avenue and University Boulevard in the Cherry Hills Village area of Englewood, Kent Place Residences is part of a mixed-use development with approximately 34,000 square feet of retail anchored by a King Soopers Fresh Fare grocer.

“Kent Place is one of the most unique multifamily properties in all of Denver with extremely large units to fit the area’s most prominent demographic,” said Jordan Robbins of Holliday Fenoglio Fowler LP. Robbins, along with Jeff Haag and Anna Stevens of HFF, represented seller Forum Real Estate Group.

“Additionally, Forum Real Estate Group did an outstanding job with ‘over amenititzing’ the property to genuinely fit the resident profile. This is truly an irreplaceable asset within the market,” added Robbins.

Kent Place Residences was highly sought-after by investors, noted Robbins, as the community constructed in 2015 had more than 20 showings on the asset.

“It is such a tremendous asset, there was a lot of interest in Kent Place.”

The community comprises three four- and six-story buildings that offer a mix of one-, two- and three-bedroom apartments averaging 1,243 sf – more than 25 percent larger than units at competing properties.

Apartments include oversized windows, vinyl wood plank flooring, designer lighting, custom cabinetry, granite countertops with undermount sinks, walk-in closets, Whirlpool stainless steel appliances, full-size washers and dryers, and large, private balconies or patios.

Kent Place Residences also features southeast Denver’s only for rent penthouses.

The penthouses range from 2,375 sf to 2,779 sf and contain upgraded amenities, including Electrolux appliances with gas ranges, quartz countertops, hardwood flooring, glass tile backsplashes, private garages, floor-to-ceiling windows, gas fireplaces and access to a rooftop lounge.

Community amenities at Kent Place include the rooftop lounge with views of downtown Denver and the Rocky Mountains, outdoor televisions and barbecue grills, outdoor kitchens, a walking trail, pool with two spas, community garden, pet play area, bocce ball court and complimentary bike rentals. Additionally, the community includes 34,000 sf of indoor amenity space that includes a fitness center, cybercafé, steam showers, yoga and spin studio, massage room, virtual golf, 24-hour concierge, guest suites, a movie theater and wine storage room.

Kent Place was 95 percent occupied at the time of sale.

The community also is located adjacent to the Cherry Hills Village neighborhood, one of the most affluent areas in the Rocky Mountain region, near prominent medical districts, with easy accessibility to the Denver Tech Center, southeast business corridor, downtown Denver and Cherry Creek as well as retail at Cherry Creek Shopping Center, The Streets at SouthGlenn and South Pearl Street.

Featured in CREJ’s August 2-15, 2017, 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…