Cherry Hills apartments fetch $127M; were built 3 years ago

KentApartments

Kent Place Residences at the corner of S University and E Hampden sold for $127.4 million. BusinessDen file photo.

The largest real estate deal this year in Arapahoe County closed this week when an apartment complex at the northwest corner of Hampden Avenue and University Boulevard sold for $127 million.

Kent Place Residences, a 300-unit apartment complex in the Cherry Hills neighborhood of Englewood, sold on July 14 to an entity named Kent Place Holdings LLC, according to public records. That comes out to $424,667 per unit.

The apartments opened in 2014.

The sellers, Glendale-based Forum Real Estate Group, bought the land for $7.9 million in 2010 and developed the apartments, according to Arapahoe County land records.

“It’s that time in the market cycle for us to capitalize on a tremendous asset,” said Kevin Foltz, managing director of development at Forum.

The sale is the fifth-largest this decade and joins three other apartment sales this year that topped $90 million.

The buyer got a loan for $53.4 million from AXA Equitable Life Insurance Co. The manager for Kent Place Holdings listed on the loan is Hien Le, a real estate acquisitions officer at J.P. Morgan Asset Management.

The 5.85-acre lot at South University Boulevard and East Hampden Avenue houses 300 units of one-, two- and three-bedroom apartments. A one-bedroom available now rents for $1,790 for 978 square feet. The complex is offering a deal of one month’s rent free with a year lease.

The apartments have a 92 percent occupancy rate, according to a leasing agent. Amenities include a concierge service, fitness classes and a golf simulator.

Seattle-based Avenue5 Residential will manage the property. Jordan Robbins of HFF was the seller’s broker in the deal.

 

KentApartments

Kent Place Residences at the corner of S University and E Hampden sold for $127.4 million. BusinessDen file photo.

Kent Place Residences at Hampden/University go for $424,667 per unit.

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