The Breakers Resort in Denver Sells for $350M
DENVER — BH Equities LLC, Pensam Residential and Wafra Capital Partners have acquired the Breakers Resort apartment community in Denver for $350 million. The community is located at 9099 E. Mississippi Ave.
The Breakers is the largest physical asset in metro Denver, according to the buyers. It includes a nearly 190-acre site that spans 1,523 units among six villages, a privately owned lake and a 26,000-square-foot recreation center situated within minutes of downtown Denver and Cherry Creek.
Koelbel and Co. and the Bascom Group developed the property. The new owners plan to implement a capital improvement program that will include re-purposing several individual community clubhouses, as well as improvements to the Catamaran Club, Riviera Cafe and the Marina.
The Breakers’ sale is among the largest multifamily transactions in the U.S. this year, second only to a sale in Manhattan, according to Jeff Hawks of ARA Newmark, which brokered the sale. The deal will restructure ownership and allow Koelbel and Co. to maintain its involvement as a minority owner.
Berkadia arranged Freddie Mac acquisition financing for the deal.