$435M deal for Highlands Ranch apartments sets new state record

6.22D 435M Deal

The 1,184-unit Palomino Park Apartments complex in Highlands Ranch sold for $435 million. (Courtesy of JLL)

Colorado has a new top multifamily deal.

The 1,184-unit Palomino Park Apartments community in Highlands Ranch sold for $435 million and set a record as the state’s priciest single-asset apartment transaction, according to brokerage JLL.

The record was previously held by the 1,523-unit Breakers Resort complex in Denver, which sold for $350 million in 2016.

The Palomino Park complex at 6700 Palomino Parkway was purchased by CH Realty IX/MF Denver Palomino Blue Owner LLC and similarly named entities, according to public records. Those entities list an office address that matches that of Dallas-based Crow Holdings. The firm did not respond to a request for comment.

JLL’s Matthew Lawton, Jordan Robbins and Pamela Koster represented the seller, Nuveen Real Estate.

The brokerage said the apartments are part of a 106-acre master-planned community that also has for-sale owner-occupied homes. The apartments are arranged in three “villages” — Blue Ridge, Green River and Red Canyon — that each have a 4,000-square-foot clubhouse.

The purchase also includes access to a 26,000-square-foot recreation center that serves both the rented and owner-occupied homes, according to JLL.

6.22D 435M Deal

The…

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