Broe Pays $225M for 587-Unit Denver Rental Project
Broe Real Estate Group doesn’t stray too far from home to execute many of its deals. The firm is based in Cherry Creek and has recently done a number of deals near their home base. The Denver Business Journal reports earlier this year the company bought an underperforming Cherry Creek office building in the area and will replace it with a 12-story residential community. The firm also has two office developments in the works at 200 and 250 Clayton St.
In Broe’s latest deal, the firm paid $225 million for the Seasons of Cherry Creek, an apartment complex located at 3498 E. Ellsworth Ave. The apartment community contains 587 units, making the purchase price equal to $383,305 per unit. The deal represents the second-largest real estate transaction in Cherry Creek, according to The Broe Group. The three-building complex is located on 5.2 acres and has 530,575 square feet of space.
The seller of the complex was Seasons Residential LLC, an affiliate of Allstate Insurance.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.