Denver, CO – The Connor Group, an Ohio based real estate investment firm, has made its initial investment in the Denver area with the recent acquisition of the 191-unit luxury apartment complex formerly known as Broadstone Gardens at Cherry Creek. David Martin and Pamela Koster, Mountain States Regional Partners of Moran & Company, represented the seller J.P. Morgan in the transaction. The sale closed on June 27th, 2017 for $65 million.
This marks the 12th location for the company, which started with only three locations in Dayton, Ohio in 1992. “We identified Denver as a possible market for expansion in our 2016 strategic planning process. We’ve been looking at a number of Class A properties in Class A locations and waiting for the right opportunity. This is a great way to launch a new market, with a high-end community in a well-established area,” said owner Larry Connor.
Built in 2013, the property is an upscale apartment community located in Denver’s affluent Cherry Creek submarket. The community consists of two residential buildings featuring nineteen distinct floorplans ranging from 611 to 1,386 square feet, with rents ranging from $1,314 to $2,783. Situated nearby the arterial Colorado Boulevard, the property enjoys convenient access to employment in the Denver Tech Center and Central Business District, a robust mix of retail and dining options in centers such as Cherry Creek North and the Cherry Creek Shopping Center, and is positioned in the highly prestigious Cherry Creek School District. The complex also features direct access to the picturesque Cherry Creek Trail, allowing bicycle access to Downtown Denver and the Denver Tech Center.
Moran & Company’s David Martin added that “the property is well-positioned for future rent growth due to its location within the very desirable Cherry Creek submarket, and can expect to continue its strong performance going forward.”
About Moran & Company: Moran is a Chicago-based transaction services firm specializing in the sale of institutional-quality multifamily properties including Class A and Value-Add opportunities. Moran & Company has offices in Seattle, Irvine, San Francisco, Denver, Dallas, Houston, Chicago, Atlanta and Washington, DC. (www.moranandco.com)
About The Connor Group: With locations in more than 10 cities, such as Cincinnati, Dayton and Minneapolis, The Connor Group owns over 13,000 units.
About J.P. Morgan: J.P. Morgan Asset Management is a leading asset manager for individuals, advisors and institutions. Our investment professionals are located around the world, providing strategies that span the full spectrum of asset classes. As one of the largest asset and wealth managers in the world, with assets under management of $1.7 trillion (as of December 31, 2014), we provide global market insights and a range of investment capabilities that few other firms can match.