Blackstone Buys Denver Multifamily for $66M
The firm has acquired a recently-completed class A, 206-unit community from Watermark Residential.
DENVER, CO – Blackstone Group has acquired a class A, 206-unit multifamily community in Denver for $65.9 million. The firm purchased the property from Indianapolis-based Watermark Residential, a wholly-owned affiliate of Thompson Thrift.
The recently-completed asset, Haven by Watermark, is located at 18400 Elmendorf Dr. in Denver’s master-planned community, Green Valley Ranch.
Upon opening in 2020, the community is currently 97% leased.
The property features an e-Urban design that utilizes 30% less materials than traditional design and is 30% more efficient.
The community offers one-bedroom and two-bedroom floorplans with vinyl plank-style flooring, 9-foot kitchen islands, granite countertops, energy efficient stainless steel kitchen appliances and walk-in closets. The property offers community amenities including a fitness center, elevators, a resort-style pool and spa, an outdoor kitchen with grills, a clubhouse, game room, karaoke room, focus room and a dog spa.
CBRE capital markets’ Dan Woodward, David Potarf, Matthew Barnett and Jake Young represented Watermark Residential in the transaction.
“Our defined process and integrated team structure allow us to develop, stabilize and sell communities for attractive returns,” says Josh Purvis, managing partner of Watermark Residential. “The leasing and investor interest in Haven by Watermark further affirms Watermark’s ability to deliver sought-after communities based on style, convenience and luxury.”