Denver, CO – Real estate investment firm Holland Partner Group and Pacific Life Insurance Company have made a significant joint-venture investment in the Denver area with the acquisition of the 304-unit luxury apartment complex ALARA at Greenwood Village. David Martin and Pamela Koster, Mountain States Regional Partners of Moran & Company, represented the seller American Realty Advisors in the transaction. The sale closed on September 14th, 2017 for $91 million.
Built in 1995, ALARA at Greenwood Village is a unique upscale apartment community located in the heart of the prestigious Denver Tech Center, and within the desirable Cherry Creek School District. The property consists of 264 townhome-style units and 40 spacious flats, providing residents unparalleled privacy and family-friendly floorplans ranging from 812 to 1,485 square feet. The property is bolstered by an impressive amenity package including a 24-hour fitness center, heated swimming pool, and racquetball court. What makes ALARA at Greenwood Village truly one-of-a-kind for the Denver Tech Center, however, is that 100% of the units have direct access garages (two-thirds of which are two-car). The property also enjoys easy access to Downtown Denver, the Southeast Business Corridor, a robust mix of retail amenities in the Village Plaza shopping center, and the recreational Cherry Creek bike trail.
Moran & Company’s David Martin noted that “the property is a true first-in-class asset and is certainly in line for exceptional future rent growth, as the direct access garages make it a very difficult product to replicate in the Denver Tech Center today.”
About Holland Partner Group: Founded in 2001, Holland Partner Group is a recognized leader in the development of high-quality investment properties in the Western United States.
About Pacific Life: Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit www.PacificLife.com. Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2017 is compiled by Pacific Life using the 2017 FORTUNE 500® list.
About American Realty Advisors: With more than $8.1 billion in assets under management, American Realty Advisors is a leading provider of commercial real estate investment management services. For over 29 years, ARA has managed capital for institutional investors utilizing core and value-added commingled funds and separate accounts. ARA acquires assets directly or provides equity, preferred equity, mezzanine debt, debt, and hybrid debt to primary investors and developers operating throughout the United States for office, industrial, multi-family, and retail properties. More information regarding ARA can be found at www.aracapital.com.
About Moran & Co: Moran & Co. (www.moranandco.com) is a Chicago-based transaction services firm specializing in the sale of institutional-quality multifamily properties including Class A and value-add opportunities. Moran has offices in Irvine, Calif., Dallas, Chicago, Denver, Seattle, Washington D.C., Arizona, Boston, and Atlanta.