More than $1.3 billion worth of Colorado apartments changed hands this week as part of a massive deal between two real estate giants.
Starwood Capital Group bought 18 Colorado apartment complexes from Equity Residential for $1.37 billion, according to figures compiled by apartment brokerage specialist ARA Newmark’s Denver office.
A trio of Denver properties – Ball Park Lofts in LoDo, Uptown Square on 19th Avenue and Colorado Pointe on Colorado Boulevard – accounted for about $377 million of the sale.
Starwood’s new Colorado portfolio stretches as far north as Boulder, down to Highlands Ranch, east to Aurora and west over to Lakewood.
Uptown Square was the biggest property to trade within the city of Denver. That building fetched $210 million, according to city records. The complex has 449 total apartments on about three full city blocks centered at 19th Avenue and Pennsylvania Street. That figures to $467,706 per unit.
Ball Park Lofts at 1451 24th St. traded at $115.5 million. At 343 units, that complex drew $336,734 per door. Colorado Pointe, right across from the former University of Colorado hospital, sold for $51.98 million. Divided by 193 apartments, that price comes to $269,326 per unit.
The 18 properties that sold between Boulder and metro Denver totaled nearly 6,000 apartment units. The biggest complex was the Marks Apartments at Englewood at 616 units. That building, just south of the Denver city line near Hampden and University, sold for $135 million.
Stonegate Apartments in Broomfield was the smallest piece of the package at 134 apartments.
All 18 apartment complexes were part of a 72-property deal between businessman Sam Zell’s Equity Residential and Starwood Capital and spanned D.C., Florida, California and Seattle. The entire package included 23,262 apartments at a $5.365 billion combined sale price, Equity Residential reported. Equity Residential no longer owns any apartments in the Denver area.