Prospector Modern in Denver, Colorado.
Harbor Group International Prospector Modern in Denver, Colorado.

Affiliates of Harbor Group International (HGI) has acquired a $132.5 million two-asset multifamily portfolio in the Denver metro. Bringing HGI's Denver property count to 10 assets, the portfolio consists of two Class A newly developed properties, Ladora Modern and Prospector Modern.

"Denver has had a consistently strong growth rate and is expected to attract more residents as the city's investment in transportation and infrastructure creates additional jobs and opportunities in the market," says Greg Heller, managing director, acquisitions, at HGI. "As newly developed, well-located apartment communities, Ladora Modern and Prospector Modern will benefit from the area's growing population."

Prospector Modern, a 238-unit property, features a unique unit mix, including townhome-style apartments. The community is 86.1% occupied and in lease-up as of the end of December. The community is centrally located in the town of Castle Rock, between Denver and Colorado Springs, benefiting from the population growth in both markets.

Ladora Modern, a 196-unit community, is 84.7% occupied and in lease-up as of the end of December. Located in the heart of Denver, Ladora Modern features large floor plans that average over 1,000 square feet across two- and three-bedroom townhomes.

Both properties offer stainless steel appliances, kitchen islands, and in-unit washers and dryers, as well as community amenities such as pools, fitness centers, and dog parks.

The acquisition is HGI's first of 2024 and comes after a year of continued growth for the firm's national apartment portfolio. HGI was an active investor across the United States in 2023, acquiring 13 multifamily assets for an aggregate total of $891.5 million, the firm notes.

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