Portfolio comprises 434 apartment units across two multifamily communities
DENVER, Feb. 8, 2024 - Affiliates of Harbor Group International, LLC ("HGI"), a privately owned international real estate investment and management firm, today announced the $132.5 million acquisition of a two-asset multifamily portfolio in Denver, Colorado. The portfolio consists of two Class A newly developed properties, Ladora Modern and Prospector Modern. The acquisition of the two properties brings HGI's Denver property count to ten total assets.
"Denver has had a consistently strong growth rate and is expected to attract more residents as the city's investment in transportation and infrastructure creates additional jobs and opportunities in the market," said Greg Heller, Managing Director, Acquisitions at HGI. "As newly developed, well-located apartment communities, Ladora Modern and Prospector Modern will benefit from the area's growing population."
Prospector Modern is a 238-unit property featuring a unique unit mix, including townhome-style apartments, which is 86.1% occupied and in lease-up as of the end of December 2023. The community is centrally located in the town of Castle Rock, Colorado, between Denver and Colorado Springs, benefitting from the population growth in both markets. Residents are a short drive to Castle Rock's downtown neighborhood, which features robust dining and retail options. Additionally, the property is near the Denver Tech Center, the largest business and economic trade center in Metro Denver, home to 60% of Colorado's Fortune 500 companies and more than 212,000 jobs.
Ladora Modern, a 196-unit community, is 84.7% occupied and in lease-up as of the end of December 2023. It is located in the heart of Denver and is conveniently located a 10-minute drive from the Denver International Airport. As one of the nation's business hubs, the community's proximity to the airport will provide residents access to several new jobs created by ongoing improvement projects as well as proximity to transportation. Ladora Modern features large floor plans that average over 1,000 square feet across two-and-three-bedroom townhomes.
Both properties feature luxury in-unit amenities, including stainless steel appliances, kitchen islands and washer and dryers, as well as community amenities such as pools, fitness centers, and dog parks. Terrance Hunt, Shane Ozment, Andy Hellman and Justin Hunt with CBRE's multifamily investment properties team in Denver represented the seller. CBRE's Debt and Structured Finance team arranged the acquisition financing, led by Shawn Rosenthal, Jason Gaccione, and Jake Salkovitz in New York, along with Brady O'Donnell and Jill Haug in Denver.
The acquisition is HGI's first of 2024 and comes after a year of continued growth for the firm's national apartment portfolio. HGI was an active investor across the U.S. in 2023, acquiring a total of 13 multifamily assets for an aggregate total of $891.5 million1.
About Harbor Group International
Harbor Group International, LLC, and its affiliates control an investment portfolio of approximately $19 billion, including 55,000 apartment units in the United States and 5.0 million square feet of commercial space throughout the United States and the United Kingdom. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York, Baltimore, Los Angeles, and Tel Aviv. Follow HGI on LinkedIn.