Two Centennial Value-Add Apartments Fetch More Than $91M
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Two different buyers have snapped up two apartment properties in Centennial from the same seller, Kennedy Wilson Holdings, for a total of $91.6M. The portfolio includes 456 units in two buildings less than a mile apart.
Georgia-based Triumph Management Group acquired Villas at Holly at 6760 Glencoe St. for $26.25M. California-based Jackson Square Properties acquired Villas at Homestead at 6857 South Homestead Parkway for $65.35M.
“We saw very high demand for this portfolio, conducting nearly 40 tours between the two locations,” ARA, A Newmark Co.'s Shane Ozment said. “Residents and buyers alike are very drawn to assets near the Denver Tech Center."
Villas at Holly was developed in 1980 and Villas at Homestead in 1993. About 40% of the units in Villas at Holly underwent in-unit renovations, while a third of the units at Villas at Homestead were similarly upgraded.
“Renovated units are achieving rent premiums of more than $200/unit, and the buyers have the opportunity to continue the value-add strategy,” ARA, A Newmark Co.'s Terrance Hunt said.
Ozment and Hunt, along with colleagues Jeff Hawks and Doug Andrews, repped Kennedy Wilson in the sale of the portfolio.