the-grove-at-cherry-creek-park

Visit Document Center

6107 S Parker Road, Centennial, CO 80016

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada. © 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.

Investment Advisors

CONTACT Info

Mortgage Bankers

Christopher Ellis

Senior Managing Director 303.689.8317 christopher.ellis@berkadia.com

Mack Nelson

Senior Associate 303.689.8348 mack.nelson@berkadia.com

Pam Koster

Senior Managing Director 303.689.8335 pamela.koster@berkadia.com

Mike Grippi

Senior Managing Director 303.689.8330 mike.grippi@berkadia.com

LOCATION

Berkadia Institutional Solutions is pleased to present the exclusive listing of The Grove at Cherry Creek Park (“The Grove”), a 216-unit, 2001-vintage garden-style apartment property located in highly desirable Centennial, Colorado. Centennial boasts a diverse industry base, robust retail market, educated workforce, and an all-around sought-after quality of life. The Grove at Cherry Creek Park is located within the Denver Southeast Business Corridor, which boasts a large labor pool of over 240,000 highly skilled workers. Residents have immediate access to the Denver Tech Center, Greenwood Plaza, Inverness Business Park, and Meridian International Business Center, home to multiple Fortune 500 headquarters. Further, The Grove is situated within the Cherry Creek School District, the most sought after and prestigious public school district in metro Denver. This strategic location combines with the idyllic natural surroundings of Cherry Creek State Park and the affluent demographics of the submarket to make The Grove at Cherry Creek Park one of the most unique investment opportunities in Denver today. To date, 60% of units have been renovated. Clear opportunity exists to continue upgrading units to the “next level,” potentially achieving higher rents and significantly boosting NOI. The Grove at Cherry Creek Park is offered unpriced to the market and free and clear of any existing debt.

Executive summary

Property Info

Investment Highlights

Executive Summary

Document Center

Contact

Privacy

Location

216 Units Year Built: 2001

1331 17th Street 10th Floor Denver, CO 80202

Denver Office  

INVESTMENT HIGHLIGHTS

Current and previous ownership has renovated 129 units to compete with newer product in the submarket. Renovations include white kitchen cabinets, stainless steel appliances, new plumbing fixtures, two-tone paint, upgraded lighting, and quartz countertops The remaining units have a mix of upgrades, including 18 that are still original.

The Grove is strategically located within Denver’s Southeast Business Corridor, which stretches from the Denver Tech Center to Meridian and represents 30% of Colorado’s GDP with over 240,000 employees. Major Fortune 500 headquarters in the area include Arrow Electronics, Qurate Retail, and Newmont Mining, as well as major hubs for Charles Schwab, Kiewit, Sierra Nevada, and many others.

Residents of The Grove are within Cherry Creek Schools, the highest-rated school district in metro Denver. Further, students living at The Grove are assigned to Grandview High School, ranked by Niche.com as one of the Top 5 best high schools in metro Denver and Top 10 best high schools in Colorado. Niche also rates both the assigned middle and elementary schools with an A- or higher, providing students of the community with an exceptional education experience at every age.

The Aurora South submarket continues to be a high-performer, with rents outpacing the Denver MSA. The Grove benefits from a lack of new construction with zero units delivered in 2023 and none under construction within three miles.

The excellent schools and convenient proximity to major employers have attracted an affluent resident base to the area, with the submarket’s average household income of nearly $135,000 and 31% of households earning over $150,000 annually.

Value-add Opportunity

Employment Concentration

Cherry Creek Schools

Strong Submarket Fundamentals

Affluent Demographics

PROPERTY INFORMATION

County Arapahoe Units 216 Year Built 2001 Stories Three-story, garden-style product Gross Leasable Area 105,351 Average Home Size 930 SF Foundation Concrete Occupancy 94.4% Financing Free & Clear Covered 130 Spaces / $45 Detached Garage 80 Spaces / $120 Surface Parking 169 Spaces Parking Ratio 1.75

6107 S Parker Road | Centennial, CO 80016

PHOTO GALLERY