The Breakers Resort apartment community in Denver has been picked up by Miami-based Pensam Residential for $350 million. Trading for just under $229,810 per unit, the property is located at 9099 E Mississippi Ave. Called the largest physical asset in metro Denver, the community sits on a 190-acre site which spans 1,523 units among six villages, a privately owned lake and a 26,000 sqf recreation center located within minutes of downtown Denver and Cherry Creek. Koelbel and Company, the original co-developer of the asset in 1989, will remain a minority partner of the apartment complex. The deal marks the largest multifamily transaction in Colorado history.
“This is a key strategic investment for Pensam Residential as the Denver market is seeing job growth above both the state and national averages. Rapid population and employment growth will continue to fuel demand for highly-skilled professional jobs in the coming years,” said Michael Stein, a partner at Pensam Residential. “Denver is an economic hub for the central United States and home to large corporations such as Lockheed Martin, United Airlines and Charles Schwab. The Denver multifamily market should remain one of the strongest performers in the United States.”
