Nuveen Sells CO Multifamily for $435M
The sale of the 1,184-unit, upscale community in Highlands Ranch, CO represents the largest single-asset apartment transaction in Colorado’s history.
DENVER, CO – Nuveen Real Estate has sold the 1,184-unit, upscale apartment community, Palomino Park Apartments, in the Denver suburb of Highlands Ranch for $435 million. The complex was purchased by an undisclosed buyer.
The purchase represents the largest single-asset apartment transaction in Colorado’s history.
Located at 6700 Palomino Pkwy, Palomino Park Apartments are part of a 106-acre master-planned community.
The 1,184 units are situated in three separate “villages” titled Blue Ridge, Green River and Red Canyon. Each village features its own 4,000-square-foot clubhouse and has access to the 26,000-square-foot recreation center, the Colorado Club, on a 30-acre park within the community.
The property is located near the Southeast Business Corridor, which encompasses more than 33 million square feet of office space and employs more than 240,000 people as Colorado’s largest employment concentration.
JLL represented the seller in brokering the sale and additionally represented the buyer in securing $282.75 million in financing. The JLL capital markets team representing the seller was led by executive managing director Matthew Lawton, senior managing director Jordan Robbins and managing director Pamela Koster. The financing was led by JLL’s senior managing director Andy Scott, senior managing director Whitaker Johnson and director Robert Bova.
“With its low-density environment, unique floor plans and unmatched amenities, Palomino Park is truly irreplaceable and represents one of the premier and unique multi-housing assets on the entire west coast,” says Robbins.