(To read more on the multifamily market, click here.)
DENVER-The Bascom group of Irvine, CA has purchased Greenbrier at Saddle Rock, a 292-unit luxury apartment property in Aurora, an eastern suburb of Denver. The purchase price was $31.75 million, or $108,733 per unit.
Greenbriar was constructed in October 2002 on 19 acres as part of the master-planed community of Saddle Rock, which is situated immediately west of E-470 in the Cherry Creek School District and within walking distance of the new 1.7-million-sf Southlands Retail Center. Amenities at the complex include a clubhouse, fitness center, pool, spa and detached garages. The seller was Fairfield Stonebriar LP. Bascom has hired Koelbel Property Management as the property manager.
The complex holds 180 one-bedroom apartments, 104 two-bedroom apartments and eight three-bedroom apartments. The units have 9-ft ceilings, gourmet kitchens, gas fireplaces, patios/balconies, walk-in closets, oversized tubs and built-in intrusion alarms and wireless internet. Unit sizes range from 707 sf to 1,235 sf and average 928 sf. Asking rents currently range from $785 to $1,325 per month depending on unit type.
Pamela Koster and David Martin of Moran & Co. represented the seller. Bascom was represented in-house by Andrew Newton and Jeffery Fuller.
North of the city, Bascom also recently acquired the Village at North Hills in Northglenn for $12.9 million. The 168-unit luxury community is located at 11450 Melody Dr. The seller was a related entity, Bascom Melody Drive LLP.
Also, in June, Bascom acquired the 1,523-unit Breakers Resort, a 190-acre group of six multifamily properties, for $190.5 million. The deal, believed to be the largest apartment transaction in the history of Denver, includes "what is possibly the best remaining undeveloped parcel of land in the City of Denver," according to Bascom officials.
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