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.
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