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.”