A new-to-Denver investor last week plunked down $65 million for a new apartment complex off East Alameda Avenue and Colorado Boulevard.
Ohio-based Connor Group bought the 191-unit Broadstone Cherry Creek, city records show.
The apartments mark the firm’s first venture into the Denver housing market. The private company, based outside of Dayton, financed the acquisition in part with a $41.28 million loan from CBRE Capital Markets, according to city records.
The seller is Broadstone Cherry Creek LLC, and the deed is signed by Brett T. Kahn with JP Morgan Chase Bank.
David Martin and Pamela Koster with Moran & Co. represented Broadstone Cherry Creek in the sale.
Built in 2014, the structure is one of a handful of Broadstone-branded complexes developed by Alliance Residential. Alliance assembled the land between 2011 and 2012 for about $6.8 million, including a chunk it bought from Zeppelin Development. Zeppelin developed the adjacent Greenhouse condominiums, but sold the remainder of the Cherry Creek site as it turned its attention to Taxi and Freight in RiNo.
Average rent is $1,900, the Connor Group said, with a discount of $2,400 on any floor plan for renters that move in by the end of July.
Broadstone Cherry Creek is at least the second Broadstone complex that Alliance has sold in Denver. Its Broadstone Blake Street complex sold for $62 million in July 2016 – about $378,000 per apartment. The per-unit price tag on Broadstone Cherry Creek comes out to $340,314.
The two sales leave four more Alliance-owned projects in the city: Broadstone on 9th, Dylan in RiNo, Highlands32 and Broadstone Lowry, a 300-unit project now under construction.