ARA NEGOTIATES $62 MILLION, 1,398-UNIT APT. PORTFOLIO SALE ON FRONT RANGE

DENVER METRO — ARA has brokered the sale of a 1,398-unit multifamily portfolio in the Denver metro area. In its first acquisition in the Colorado market and the largest multifamily portfolio transaction in the state since 2008, Jackson Square Partners, a California-based apartment investment group, acquired the three properties for $62 million. Built in 1984, the 688-unit Hickory Ridge apartment community in Aurora sold for $33 million. With 426 units spread across five buildings ranging from three to five stories, The Lakes at Monaco Pointe, constructed in Denver in 1975, traded for $17 million. Built in 1970, The Lodge at Aspen Grove, also located in Denver, sold to JSP for $12 million. ARA’s Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment represented an undisclosed lender in the transaction.