For over 25 years, Etkin Johnson Real Estate Partners has taken a leading role in the acquisition and development of property throughout Colorado's Front Range, earning the company its current status as the premier commercial real estate company in the greater Denver area. Dedicated to innovating while maintaining a fiscally sound base, Etkin Johnson is committed to providing clients with the highest levels of service.


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Monthly Archives: November 2015

Broomfield apartment complex sells for $94 million

As Seen In The Denver Business Journal – November 20, 2015

Retreat at The Flatirons sold for $94.5 million to Invesco Real Estate.

Retreat at The Flatirons, a 374-unit apartment complex in Broomfield, has sold to Dallas-based Invesco Real Estate for $94.5 million.

The property, located at 13780 Del Corso Way in Broomfield, traded for $252,674 per unit.

Denver-based commercial real estate company Etkin Johnson Real Estate Partners built the property in 2012 and held it until its sale to Invesco.

“The Broomfield market is exceptionally strong,” said Derek Conn, director of finance for Etkin Johnson. “Lease-up for the project was markedly faster than anticipated, with rents outpacing pro-forma by nearly 20 percent.”

The fast lease-up and strong rent roll made the buying process competitive, according to ARA, a Newmark Company, which handled the transaction.

“The velocity of lease-up combined with the aggressive rent levels and above-market occupancy resulted in this being a highly sought-after investment property, with the bidding process producing several very competent groups with very competitive offers,” said Jeff Hawks of ARA.

The property was 96.8 percent occupied at the time of closing.

The purchase marks Invesco’s second apartment buy in metro Denver in a month.

The company recently acquired Retreat at Park Meadows for $125 million.

Retreat at The Flatirons apartments in Broomfield sell for $94.5M

As Seen In The Denver Post – November 19, 2015

Sale price is among the highest for metro-area garden-style apartments.

The Retreat at The Flatirons apartment community in Broomfield has sold for almost $95 million, making it – per unit – one of the priciest multifamily sales in metro Denver history.

Invesco Real Estate paid $94.5 million for the 374-unit luxury apartment community, north of U.S. 36 and east of Northwest Parkway at 13780 Del Corso Way, according to Etkin Johnson, the selling entity.

The $252,674 per-unit sale price is the second highest in the metro Denver region for a garden-style property, a building in which each apartment has its own exterior entrance.

Only last year’s sale of The Boulders, a 161-unit community in Boulder, for $44.2 million, or about $274,534 per unit, was higher, according to Boulder County property records.

Etkin Johnson broke ground on Retreat at The Flatirons in October 2012, with tenants occupying the units by the beginning of 2014.

The sale continues a flurry of activity of Denver-area multifamily properties trading for top dollar.

“I think it’s reflective of the Denver metro area and the amount of capital that’s in the market looking for yield and looking to enter or expand their presence in the market,” said Derek Conn, Etkin Johnson Real Estate Partners’ director of finance. “Denver has really become a city that’s on its way to becoming on par with some of the gateway cities you think of: San Francisco, New York and the like.”

Conn said he doesn’t see that activity peaking just yet.

“(A slowdown) is possible, but everybody hears the ‘2,000-plus people are moving here a month,’ and I know the demand exists,” he said. “It’ll be interesting to see with additional supply coming to the market.”