Walker & Dunlop Arranges $134M Sale of Multifamily Property in Metro Denver
LITTLETON, COLO. — Walker & Dunlop (NYSE: WD) has arranged the $134 million sale of Griffis Marston Lake, a 332-unit multifamily community in Littleton.
Built in 2002, the garden-style community was marketed as a value-add investment. The property offers a mix of one-, two- and three-bedroom units near major employers including the Swedish Medical Center, Denver Federal Center and Lockheed Martin. The community is also located roughly 10 miles south of downtown Denver and the Denver Tech Center.
Dan Woodward, David Potarf, Matt Barnett and Jake Young of Walker & Dunlop brokered the transaction on behalf of the seller, a partnership between Denver-based Griffis Residential and Pacific Coast Capital Partners. Trevor Fase, also of Walker & Dunlop, secured fixed-rate, interest-only acquisition financing through Fannie Mae on behalf of the buyer, Kennedy Wilson.
This transaction follows a number of major multifamily deals in the Denver area during the month of October, including the sale of a five-building multifamily portfolio in Aurora; the funding of a 252-unit development and the $64.5 million sale of Mesa Verde Apartments in Arvada; and the $108.2 million acquisition of Neon Local Apartments in Denver.
Griffis Residential owns a portfolio of multifamily communities across Colorado, Texas, Oregon, Washington and California, in cities including Denver; Austin, Texas; Portland, Ore.; Seattle; and Long Beach, Calif.
Pacific Coast Capital Partners is an investment manager with offices in New York, San Francisco, Atlanta and Los Angeles. The company currently has $13.1 billion in assets under management across 967 total investments.
Beverly Hills, Calif.-based Kennedy Wilson is a global investment firm with $19 billion worth of assets under management, including 31,900 multifamily units, and $2.5 billion worth of assets currently under development.
Bethesda, Md.-based Walker & Dunlop is one of the largest providers of capital to the multifamily industry in the U.S. The company completed $4.7 billion in multifamily property sales during the first half of 2021, a 117 percent increase over the same period in 2020. The company’s stock price closed at $127.13 per share on Wednesday, Oct. 20, up from $58.54 on the same date last year.