Colorado Real Estate Journal - January 17, 2018
A San Francisco Bay Area-based private investment firm added to its metro Denver holdings with its acquisition of The Rail at Inverness. The 219-unit garden-style community sold for $52 million, according to public records, to Jackson Square Properties. A joint venture comprised of Holland Partner Group and an affiliate of Heitman LLC sold the property located at 10001 E. Dry Creek Road in Englewood. David Martin, Pamela Koster and Mike Grippi of Moran & Co. represented the seller in the transaction. “Given the property’s highly desirable location in the Denver Tech Center and within the Cherry Creek School District, it is already very well positioned for future rent growth and value creation,” said Martin. “The Rail at Inverness can easily be positioned to generate additional cash flow as a unique core-plus investment opportunity through completed renovations.” Built in 2007, The Rail at Inverness features one- and two-bedroom units in nine floor plans ranging from 640 to 1,101 square feet. Apartments feature wood-style flooring, quartz countertops and undermount sinks in select apartments. The community, comprising nine rental buildings on 7.63 acres, features a swimming pool, heated spa, state-of-the-art fitness center and convenient access to the Denver Tech Center, retail, transit connectivity at the nearby Dry Creek Station and access to the Cherry Creek School District. It last sold in March 2015 for $40.4 million. Jackson Square Properties, which specializes solely in the purchase and ownership of multifamily communities, owns more than 70 properties with 20,000 units in nine states. In Colorado, Jackson Square owns 17 assets, including Alton Creek, City Center Station, Crossings at Bear Creek, Legend Oaks, M2 and Villas at Homestead.