DENVER--(BUSINESS WIRE)--Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Retreat at Park Meadows, a 518-unit, Class A multi-housing community in Littleton, Colorado.
HFF marketed the asset on behalf of PNC Realty Investors, Inc., acting as investment advisor to the AFL-CIO Building Investment Trust. Invesco Real Estate purchased the property for an undisclosed amount free and clear of existing debt.
The Retreat at Park Meadows has 32 garden-style buildings set on 33.37 acres at 10200 Park Meadows Drive. The transit-oriented asset is across the street from the Lincoln Station light rail stop, providing access to the southeast business corridor and downtown Denver, and is immediately southwest of the Interstate 25 and Colorado 470 interchange. Additionally, the property is located near Park Meadows Mall, Sky Ridge Medical Center and less than one quarter of a mile north of the recently opened Charles Schwab office campus. The property has one-, two- and three-bedroom units averaging 1,029 square feet each and amenities such as a resort-style swimming pool, tennis and sand volleyball courts, fitness center with indoor basketball court, putting green and detached garages.
The HFF investment sales team representing the seller was led by managing director Jordan Robbins and associate director Jeff Haag.
“With its low-density design and large unit sizes, Retreat at Park Meadows is a very unique asset within the Denver market and was highly sought after by investors. The property had not been upgraded since it was built 15 years ago and is prime for a new owner to complete a value-add strategy for additional growth in this extremely high demographic area,” commented Robbins.
About Invesco Real Estate
Established in 1983, Invesco Real Estate manages $61.9 billion of real estate investments, including $36.8 billion in direct real estate investments and $25.1 billion in real estate securities (as of June 30, 2015). With more than 400 employees in 20 offices worldwide, the group focuses on top-down market and property fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for more than 25 years, contributing to the consistent implementation of Invesco’s investment strategy and resulting performance. Additional information is available at www.invescorealestate.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.