Denver-Area Rental Property Sells for $46M
Granite Capital Group (GCP) completed the $46 million sale of Enclave Belle Creek, a 167-unit multifamily and townhome community in Henderson, Colorado. A Transwestern Real Estate Services team led by John Blackshire represented GCG in the sale. The transaction was a 1031 exchange. The sales price comes out to about $275,000 per unit.
The property was first acquired by GCG in 2018 and is part of the master-planned Belle Creek community. It is a 10-building complex, built in 2017 and 2018, and is a mix of apartments and townhomes.
“Our limited partners are very happy about the 18%-plus annual return on investment they received,” said GCG’s Bruce Savett.