Phoenix & Southwest + Southwest + Apartments | May 26, 2023

Denver-area apartment sells for $275,000 a unit.

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.

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About Mike Boyd

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.

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