Denver Apartment Property Sells For Record $350M
The 1,523-unit Breakers Resort apartment complex at 9099 East Mississippi Ave in Denver traded hands for a record price of close to $350M. Florida-based Pensam Residential, BH Equities LLC and Wafra Capital Partners acquired the property, which was sold by The Bascom Group and Denver's Koelbel & Co. The price makes the deal the most expensive apartment trade ever in Colorado, the Denver Business Journal reports.
The purchase also includes a 26k SF recreation center at the complex. Sellers Bascom and Koelbel retained ownership of an 18-acre parcel of land nearby that could be developed in the future. The deal was facilitated by ARA, A Newmark Co, which said the sale is also the second-largest apartment trade nationwide this year, edged out by a property in New York. [DBJ]
