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Jackson Square Properties Acquires Broadstone Kendrick Multifamily In Uptown Denver For $111M

Property Image
SOLD
$111,000,000
Terrance Hunt
BW

Colorado

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MultiFamily
Sold 10/11/2023
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Property Image
SOLD

Jackson Square Properties Acquires Broadstone Kendrick Multifamily In Uptown Denver For $111M

1780 Marion Street

See Similar Deals
MultiFamily
Sold 10/11/2023
Terrance Hunt
BW
the dealplayerscompscontact
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Summary

COLORADO
Asset Type:MultiFamily
Transaction Type:Sale

Jackson Square Properties has acquired the 254-unit Broadstone Kendrick rental community in Uptown Denver for a total of $111 million. The property, located at 1780 Marion Street in Denver, CO, is a multifamily asset.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $111,000,000
  • Units: 254
  • Price Per Unit: $437,008

The seller of the property is Alliance Residential, while the buyer is Erwin Jackson's company, Jackson Square Properties. The transaction was facilitated by Terrance Hunt, a broker from CBRE.

Note that each unit in the Broadstone Kendrick rental community was acquired for approximately $437,000. The team led by Terrance Hunt from CBRE played a pivotal role in the successful completion of the transaction.

Players

Terrance Hunt
CBRE
Terrance Hunt
6 deals$612.5M volume(303) 538-2010
BROKER
JP
Jackson Square Properties
BUYER
BW
Bruce Ward
3 deals$235.2M volume
SELLER
Alliance Residential Company
Alliance Residential Company
SELLER

Details

SOLD
IMAGE: Erwin Jackson, Bruce Ward & Terrance Hunt DATE: 10/11/2023 ADDRESS: 1780 Marion Street MARKET: Denver, CO ASSET TYPE: Multifamily BUYER: Erwin Jackson - Jackson Square Properties SELLER: Bruce Ward - Alliance Residential BROKER: Terrance Hunt - CBRE SALE PRICE: $111,000,000 UNITS: 254 ~ PPU: $437,008 NOTE: Jackson Square Properties acquired the 254-unit Broadstone Kendrick rental community in Uptown Denver for $111 million, with each unit costing approximately $437,000. Alliance Residential sold the property, and CBRE's Terrance Hunt-led team facilitated the transaction.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$5,920,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$394,359.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$526,196.63
Annual Debt Service$6,314,359.55