J.P. Morgan Snaps Up Luxe Metro Denver Apartments For $127.4M
In the largest apartment deal by price in metro Denver so far this year, institutional investors advised by J.P. Morgan Asset Management acquired the 300-unit Kent Place at 3465 South Gaylord Court for $127.4M.
The Englewood property is fairly new, completed in 2015 by Forum Real Estate Group. It is the residential component of a larger mixed-use development anchored by a King Soopers.
The property fetches strong rents, with a one-bedroom unit of 978 SF available for $1,790/month, though the community offers a month’s rent with a year lease. Rent Jungle puts average Denver-area rent for a one-bedroom at $1,413/month. Kent Place is 92% occupied.
The price just bests the year's previous high mark for an apartment community, a deal in March that saw Skye 2905 Urban Flats trade for $126M.
HFF Managing Director Jordan Robbins and Directors Jeff Haag and Anna Stevens marketed the asset on behalf of Forum Real Estate Group. The buyer assumed existing financing at closing.