Broe pays $225M for Seasons apartment complex in Cherry Creek
After one of the largest real estate transactions in Cherry Creek history, it’s a new season at The Seasons.
The 587-unit The Seasons of Cherry Creek apartment complex at 3498 E. Ellsworth Ave. was purchased Monday by Denver-based Broe Real Estate Group, according to the firm.
It’s the first time the 530,575-square-foot complex, whose units are spread across three buildings on 5.2 acres, has changed hands in nearly two decades.
The purchase price was $225 million, according to public records. That works out to $383,000 a unit.
The acquisition gives Broe another prominent local multifamily holding. The firm, an affiliate of Pat Broe’s Broe Group, also owns the 12-story Skyline 1801 building downtown and developed the twin 32-story Country Club Towers in West Wash Park.
The deal also adds to Broe’s holdings specifically in Cherry Creek, where the company and its real estate arm have their headquarters.
Broe is halfway through an office development project along Clayton Street. The firm also plans to eventually build a residential project at 50 S. Steele St., where an older office building currently sits. That property is just a block away from The Seasons.
“For more than four decades, the Broe family and The Broe Group have called Cherry Creek home,” Kiki Broe, Pat Broe’s oldest daughter, said in a statement. “We have grown with Cherry Creek for generations, and we believe deeply in the future of our community. The Seasons of Cherry Creek plays a vital role in Cherry Creek’s long-term housing plan, and we are committed to ensuring that it remains a vibrant, trusted community for generations to come.”
The Seasons complex dates to the mid-1980s. Broe purchased the property from Seasons Residential LLC, which lists a Chicago office address corresponding to Allstate Insurance. Executives with the insurer’s real estate investments division signed the sales paperwork.
Seasons Residential LLC was previously affiliated with Denver-based RedPeak, which paid $75 million for the property in 2005, records show. At the time, the complex had 439 units in two towers, according to previous media coverage.
RedPeak then built the third tower, which added another 148 units that began leasing in 2010. It described the expansion in a press release at the time as a $55 million project. RedPeak, whose executives didn’t respond to requests for comment Monday, managed the property up until the purchase by Broe.
The acquisition trails only last year’s recapitalization of the mixed-use St. Paul Collection when it comes to total transaction price for Cherry Creek projects, records show.
This story was reported by our partner BusinessDen.
After one of the largest real estate transactions in Cherry Creek history, it’s a new season at The Seasons.
The 587-unit The Seasons of Cherry Creek apartment complex at 3498 E. Ellsworth Ave. was purchased Monday by Denver-based Broe Real Estate Group, according to the firm.
It’s the first time the 530,575-square-foot complex, whose units are spread across three buildings on 5.2 acres, has changed hands in nearly two decades.
The purchase price was $225 million, according to public records. That works out to $383,000 a unit.
The acquisition gives Broe another prominent local multifamily holding. The firm, an affiliate of Pat Broe’s Broe Group, also owns the 12-story Skyline 1801 building downtown and developed the twin 32-story Country Club Towers in West Wash Park.
The deal also adds to Broe’s holdings specifically in Cherry Creek, where the company and its real estate arm have their headquarters.
Broe is halfway through an office development project along Clayton Street. The firm also plans to eventually build a residential project at 50 S. Steele St., where an older office building currently sits. That property is just a block away from The Seasons.
“For more than four decades, the Broe family and The Broe Group have called Cherry Creek home,” Kiki Broe, Pat Broe’s oldest daughter, said in a statement. “We have grown with Cherry Creek for generations, and we believe deeply in the future of our community. The Seasons of Cherry Creek plays a vital role in Cherry Creek’s long-term housing plan, and we are committed to ensuring that it remains a vibrant, trusted community for generations to come.”
The Seasons complex dates to the mid-1980s. Broe purchased the property from Seasons Residential LLC, which lists a Chicago office address corresponding to Allstate Insurance. Executives with the insurer’s real estate investments division signed the sales paperwork.
Seasons Residential LLC was previously affiliated with Denver-based RedPeak, which paid $75 million for the property in 2005, records show. At the time, the complex had 439 units in two towers, according to previous media coverage.
RedPeak then built the third tower, which added another 148 units that began leasing in 2010. It described the expansion in a press release at the time as a $55 million project. RedPeak, whose executives didn’t respond to requests for comment Monday, managed the property up until the purchase by Broe.
The acquisition trails only last year’s recapitalization of the mixed-use St. Paul Collection when it comes to total transaction price for Cherry Creek projects, records show.
This story was reported by our partner BusinessDen.
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