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J.P. Morgan Enters Denver Market with $40-Mil Buy

DENVER-J.P. Morgan has made its first buy in the Denver market, setting a state record for the per unit cost. The $40-million purchase breaks down to $131,578 per unit for the Brookside Village Apartments in the Denver Technological Center.

By John Rebchook | Updated on January 20, 2001

DENVER-Brookside Residential Realty Corp., a Delaware corporation controlled by J.P. Morgan Investments of New York, has paid $40 million for the 304-unit Brookside Village Apartment in the Denver Technological Center. That amounts to $131,578 per unit, the most ever paid for an apartment building in Colorado says Doug Andrews, who handled the sale with fellow Grubb & Ellis Co. broker Jeff Hawks. Earlier, Andrews and Haws sold the Jefferson at Lowry for $51.2 million, which was the largest single sale price for an apartment complex, Andrews tells GlobeSt.com.

“Brookside has a fabulous location right in the middle of the Tech Center,” Andrews tells GlobeSt.com. The buy marks J.P. Morgan’s first multi-amily purchase in Denver. “This is a great opportunity for the buyer, J.P. Morgan, because properties in such strong locations are rarely sold, especially a community as nice as Brookside,” Andrews says.

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