Palomino Park is the Largest Single-Asset Apartment Trade in CO History
A $435 million price tag makes the sale of the Palomino Park Apartments the largest single-asset apartment trade in Colorado’s history. The 1,184-unit community in the Highlands Ranch submarket of southeast Denver recently sold to an undisclosed buyer.
The purchase also includes access to a 26,000-square-foot recreation center, the Colorado Club, located on a 30-acre central park within the community.
The multifamily asset is part of a 106-acre master planned community. The apartments are arranged in three separate villages, Blue Ridge, Green River and Red Canyon, each with separate identities and an individual 4,000-square-foot clubhouse. Colorado Club serves as an amenity for the three apartment villages as well as the two for-sale owner-occupied villages.
To date, approximately 50 percent of the apartment units have undergone varying scopes of interior updates. In addition, the opportunity exists to upgrade the Colorado Club, offering an ample value-add opportunity for the buyer to continue renovating the property.
Located at 6700 Palomino Pkwy., the property is positioned in a sought-after suburban location with strong demographics and a large demand for high-quality rental housing.
JLL represented the seller, Nuveen Real Estate, as well as the buyer to secure the $282.75 million financing. The JLL team representing the seller was led by Matthew Lawton, Jordan Robbins and Pamela Koster. Financing was led by Andy Scott, Whitaker Johnson and Robert Bova.