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Two Centennial Value-Add Apartments Fetch More Than $91M

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Two Centennial Value-Add Apartments Fetch More Than $91M
Villas at Holly

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."

Two Centennial Value-Add Apartments Fetch More Than $91M
ARA, A Newmark Co.'s Terrance Hunt

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.