HFF announces $38.5M sale of Ranch at Bear Creek in Lakewood, Colorado
DENVER, CO – April 26, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $38.5 million sale of Ranch at Bear Creek, a 201-unit apartment community in Lakewood, Colorado.
The HFF team marketed the asset exclusively on behalf of the seller, Aukum Group, and procured the buyer, Castle Lanterra Properties.
Ranch at Bear Creek is located at 3324 South Field Street in the Bear Creek area of Lakewood, one of Denver’s most sought-after western suburbs. The property features a unique blend of both standard flat-style units along with spacious two- and three-bedroom, two-story townhomes. Originally constructed in 1973, Ranch at Bear Creek has recently undergone significant capital improvements, including an updated pool area, new outdoor lounge with fire pit, newly built fitness center, full renovation of the existing clubhouse and upgrades to 63 percent of the residential units. In addition to community amenities, residents also have access to an abundance of recreational amenities in the surrounding area such as Bear Creek Trail, Bear Creek Lake Regional Park, Chatfield State Park and Red Rocks Park and Amphitheatre, as well as access to four top-rated golf courses within a two-mile radius.
The HFF investment advisory team representing the seller included managing director Jordan Robbins and directors Jeff Haag and Anna Stevens.
“Half of the Ranch at Bear Creek’s unit count consists of large townhome units, which distinguishes it from other communities in the area,” Robbins noted. “This unique feature combined with very limited current and future apartment development in the submarket generated a great deal of interest from a large investor pool.”
About Aukum Group
Aukum Group (formerly Aukum Management) is a private real estate investment company focused on apartments in the western United States. The company partners exclusively with private accredited investors and select private equity funds. Aukum has acquired approximately 4,850 apartment units since its founding in 2009, and is actively managing a portfolio of over 4,000 units valued at over $750 million. Aukum is actively selling and acquiring new assets in select western markets.
About Castle Lanterra Properties
Formed in 2009, Castle Lanterra Properties (CLP) is a privately held real estate investment company focused on the acquisition and management of quality income producing multifamily properties within strategic growth markets throughout the United States. CLP and its affiliates currently own and
manage in excess of 9,000 units.
CLP seeks to acquire well-located multifamily properties in primary and secondary markets with sound underlying fundamentals and meaningful growth potential. Through a rigorous value-enhancement program that includes thoughtful renovations, operational improvements and ancillary income development, CLP aims to reposition each asset with the goal of maximizing NOI and elevating its competitive position within the market.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.