SAN FRANCISCO—Locally based BRE Properties Inc. has sold its shares in six apartment properties for $47.5 million, including transactions that allow the firm to exit the Denver market, allowing it to focus more on West Coast sites.
The company had 15 percent ownership of the following properties: the Bluffs at Highland Ranch, the Fairways at Raccoon Creek, Pinnacle at DTC and Pinnacle at Mountain Gate in Denver; and Pinnacle at Union Hills and Pinnacle Terrace in Phoenix. BRE sold to its joint venture partner in the properties.
“This sale furthers our strategy of disposing non-core communities and reinvesting the proceeds in BRE’s current development pipeline to increase our concentration in targeted high-barrier, coastal markets,” says Constance Moore, president and CEO, in a statement. Her REIT directly owns 74 multifamily communities (totaling 21,160 units) and has joint venture interests in an additional two apartment communities (totaling 684 units), mostly in California and Washington states.