A Toronto-based investment company has purchased a recently opened apartment complex in the Golden Triangle.
Manulife Investment Management purchased TriVista on Speer for $144.5 million on behalf of a third-party managed account, it announced Monday.
The seven-story apartment complex at 1350 Speer Blvd. began leasing in May 2019. The buyer said over 90 percent of its 322 units, which range from 592 to 1,819 square feet, are occupied. The deal works out to $448,757 per unit.
The property, which sits on about 2.3 acres, was sold by the developers, a joint venture between Legacy Partners and USAA Real Estate. They paid $17.5 million for the land in February 2016, records show.
Construction on TriVista on Speer broke ground in February 2017. It was designed by KTGY Architecture and has 448 parking spaces, a two-level fitness center, a pool and rooftop lounge.
Manulife Investment Management develops and manages commercial real estate in the U.S., Canada and Asia. It is the wealth and asset management branch of its parent company Manulife Financial Corp.
TriVista on Speer is Manulife’s second venture into Colorado. John Hancock Life Insurance, whose parent company is Manulife, purchased Aspect Apartments in Lone Tree for $62 million in 2018, the Colorado Real Estate Journal reported.