The prestigious Cherry Creek neighborhood in Denver, Colorado, witnessed one of its most significant real estate deals as The Seasons of Cherry Creek, an impressive 587-unit, three-building luxury property spanning 530,575 square feet, exchanged hands for an impressive $225 million.
The acquisition was made by The Broe Group, a Colorado-based investment powerhouse known for its multibillion-dollar ventures across North America. The seller of this Class A multifamily community was Seasons Residential LLC, a company linked to RedPeak Properties, a prominent Denver-based apartment owner-operator and developer.
RedPeak had initially purchased the property at 3498 E Ellsworth Ave. back in 2005, acquiring 439 units at the time for $75 million. RedPeak, with its ambitious vision, embarked on a $65 million expansion project in September 2008.
The endeavor added 148 units to the complex, which already comprised a 15-story tower and a nine-story building. Of note, the newly built 13-story structure was particularly noteworthy as it became the first multifamily asset in Colorado constructed under the environmentally conscious Built Green program.
This addition not only aligned with green standards but also improved the property's energy efficiency.
Strategic Milestone: Prime Headquarters Location
The cherry on top for The Broe Group is that its real estate division is headquartered right within the Cherry Creek neighborhood, making the acquisition of The Seasons of Cherry Creek a strategic and prestigious addition to their multifamily portfolio.
This transaction stands as a testament to the neighborhood's desirability and growth potential. Situated on a vast 5.2-acre plot, The Seasons of Cherry Creek boasts proximity to two major malls, Cherry Creek Mall and Cherry Creek North, along with an array of restaurants and boutiques, making it an ideal location for residents seeking a blend of convenience and luxury.
The property offers a diverse range of living options, from studios to spacious one-, two-, and three-bedroom units, varying from 457 to 1,811 square feet. These apartments come equipped with desirable features such as open floor plans, quartz or granite countertops, custom cabinetry, stainless steel appliances, eco-friendly flooring, walk-in closets, in-unit washers and dryers, gas fireplaces, and private balconies.
The Seasons of Cherry Creek takes resident satisfaction seriously, offering a 24-hour concierge service along with an array of enticing community amenities. Residents can indulge in the pool, fitness center, clubroom, business center, demonstration kitchen, entertainment and media lounge, bicycle storage, cyber café, barbecue and picnic area, dog spa, and dog park.
These exceptional amenities foster a sense of community and luxury living, contributing to the property's allure. With this successful acquisition, The Broe Group strengthens its position in the Denver real estate market, solidifying its commitment to providing exceptional residential experiences within prime locations.
As the Seasons of Cherry Creek finds its new ownership, Denver's real estate landscape continues to evolve with promising growth and development on the horizon.