The Aspect, Lone Tree, CO
LONE TREE, CO—Holland Partner Group of Vancouver, WA has sold its 230-unit Aspect multifamily community here in a deal valued at $62 million.
John Hancock Real Estate of Boston acquired the property in this affluent Denver suburb, according to a report in the trade industry website Commercial Real Estate Direct.
Brokerage firm JLL managing directors Mike Grippi, Pamela Koster and David Martin led the JLL team on the sale on behalf of Holland Partner Group.
“We were very pleased with the market's reception to the Aspect offering,” Martin says. “Once again, Holland Partner Group did a great job executing good product at a superb location in conjunction with a creative structured development financing package from Principal Real Estate Investors.”
Commercial Real Estate Direct states that Principal Real Estate provided a $34.1-million Freddie Mac loan in connection with the transaction.
JLL's Koster adds, “This sale is representative of the type of institutional investment we continue to see in the Denver multifamily market and speaks to the quality of the investment landscape here.”
Lone Tree has emerged as Denver's most sought-after enclave in recent years, JLL notes, and as the metro's fastest growing suburb it includes a discerning “renter-by-choice” demographic.
Among the notable amenities at the Aspect complex include a two-story fitness center, a clubroom with a fully equipped kitchen, a wine room, a sky deck with views of the Front Range Mountains, bike storage and a dog wash. In-unit features include stainless steel appliances, quartz countertops, fell-sized washer/dryer units and oversized windows.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
