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.