DENVER – HFF announced today that it has closed the sale of The Artisan, a 434-unit, garden-style multi-housing community in Denver, Colorado.
HFF marketed the property on behalf of Prime Residential. Peak Capital Partners purchased the asset for $33.05 million contingent to existing debt.
The Artisan is 98 percent occupied and consists of 63 percent townhome-style units, as well as one-, two- and three-bedroom flat-style units averaging 901 square feet each. Community amenities include a fitness center, two heated swimming pools, sport court, business center, two clubhouses and covered parking. The Artisan is located at 10025 East Girard Avenue within walking distance of two light rail stations and less than 10 minutes from the Denver Technology Center and Southeast Business Corridor.
The HFF team representing the seller was led by director Jordan Robbins and senior real estate analyst Jake Young.
Prime Residential is one of the largest owners of high-quality, multifamily rental communities in the Western United States. The firm has achieved success by creating value through disciplined acquisitions, sensible capital structures, appropriate reinvestment and superior management. Prime Residential’s current portfolio contains approximately 20,000 units.
Peak Capital Partners and its affiliates own and manage conventional, affordable, and student apartment communities in growth markets in the United States. Founded in 2007, Peak Capital Partners owns 30 apartment communities in eight states. Today, the firm has an asset portfolio valued in excess of $400 million.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information, please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.