The 350-unit Stonegate in Broomfield has traded for $86M. Ohio-based Summit Management Services acquired the property at 11815 Ridge Pkwy. from Connecticut-based Starwood Capital Group, which had acquired it from Sam Zell's Equity Residential a little more than a year ago. Stonegate was one of 18 Colorado multifamily assets that Equity sold to Starwood for a total of about $1.37B.
The 24-acre property is roughly midway between Downtown Denver and Boulder, with views of the Front Range. Stonegate is 95% occupied.
HFF repped the seller, led by managing director Jordan Robbins and associate director Jeff Haag. Summit has been a busy apartment investor in Colorado. Counting the new property, the company owns more than 1,350 units in the state.
