(Read more on the multifamily market.)
DENVER-CityGate, a 241-unit Downtown apartment development, has traded for $38 million. In partnership with CharterMac, Sares Regis Group of Irvine, CA acquired the Brighton Boulevard asset from JPI of Irving, TX.
Sares Regis Multifamily division president Bill Montgomery says the acquisition is the first step toward the company's goal of reacquiring a large portfolio presence in Denver. "We've owned and sold several apartment-home communities there in the past and we've been working aggressively to return to Denver," he says. "It's a solid market, showing strong long-term growth. We understand it and believe in it."
JPI developed CityGate in 2004. Montgomery says CityGate should benefit from continued redevelopment that is occurring in the area as "significant re-use is being processed for neighboring properties."
Doug Andrews and Ray White of Apartment Realty Advisors of Denver represented JPI. Sares Regis represented itself.
Sares Regis began accumulating properties in the greater Denver area in the late 1990s. In 2005 it sold six Denver-area apartment communities. Redpeak purchased Cottonwood Creek, Quail Ridge, Hunter's Cove and Briarsglen, Fairfield purchased Westhills and Arsenault Holdings purchased Parkside.
Elsewhere in the Western US, Sares Regis owns approximately 6.5 million sf of commercial space and has approximately 2,800 residential units under development. For third parties it manages an additional 10,000 residential units and nine million sf of commercial space.
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