JLL Capital Markets brokers have closed the $435 million sale and $282.75 million financing of the Palomino Park Apartments, a 1,184-unit apartment community in the Highlands Ranch submarket in the southeast Denver metro area.
According to JLL, the sale of Palomino Park Apartments marks the largest single-asset apartment transaction in Colorado’s history. JLL represented the seller, Nuveen Real Estate, as well as an undisclosed buyer to complete the community’s financing.
The upscale apartments are situated on a 106-acre master-planned community, and arranged in three separate “villages”—Blue Ridge, Green River, and Red Canyon. Each village includes its own individual 4,000-square-foot clubhouse. The purchase also includes the master plan’s 26,000-square-foot recreation center, the Colorado Club, situated on a 30-acre central park. The club is open to all master plan residents, including its two for-sale owner-occupied villages, which are not included in the transaction.
The community is situated in a highly sought-after suburban market, and offers proximity to the Southeast Business Corridor employment center. “With its low-density environment, unique floor plans, and unmatched amenities, Palomino Park is truly irreplaceable and represents one of the premier and unique multi-housing assets [in the West region],” says JLL senior marketing director Jordan Robbins, part of the Capital Markets team representing the seller.
Approximately 50% of Palomino Park’s 1996 vintage units have undergone interior upgrades to some extent. The buyer also gains the opportunity to upgrade the Colorado Club, according to JLL, offering value-add opportunities on the community’s units and amenities.
