GID spends $81M for Denver-area apartments

An apartment complex in Westminster, Colorado, recently sold for $81 million. 

A real estate company associated with GID has purchased the Windsor Westminster apartment complex, at 9100 Vance Street, from an LLC affiliated with Jackson Square Properties, the Denver Business Journal reported.

GID has offices in Atlanta, Boston, Dallas, New York and San Francisco.

Referred to as Altitude Westminster on Jackson Square’s website, the complex features one- and two-bedroom units and is located off West 92nd Avenue, nestled between Wadsworth Parkway and U.S. 36. 

Built in 1994, the three-story apartment community has 277 units, and the purchase price is a little over $292,000 per unit. Amenities include a pool and spa, fitness center, clubroom, coworking area and a dog park.

Windsor Westminster apartments rent for $1,360 to $2,210 for units spanning 560 to 1,020 square feet, according to apartments.com.

Jackson Square has recently made notable investments in the Denver metro area, buying the Kendrick apartments for $111 million, and the Helios, a 258-unit community in the Denver Tech Center, for $89 million. The firm also holds apartment properties in several other states, including Washington, Oregon, California, Utah and Texas. 

GID also has notable properties in Denver, such as Platt Park by Windsor and Windsor at Meridian in Englewood.

Multifamily complexes have been trading hands nationwide.

Earlier this month, TA Realty paid more than $99 million for the 322-unit Novel Harpeth Heights apartments in Nashville, or about $308,500 per unit.

The seller was Charlotte-based Crescent Communities, which bought the 22-acre site for more than $3 million in 2021 before developing the complex in partnership with Pearl Street Partners. Novel Harpeth Heights was completed last week, and apartments rent for $1,629 to $3,130 per month, according to apartments.com. Floor plans include one-, two- and three-bedroom units, and there is 28,000 square feet of amenity space. 

TA Realty’s latest acquisition further establishes its presence in the Greater Nashville area. The firm set a record for priciest multifamily purchase in Franklin in April 2022, when it paid $145 million, over $442,000 per unit, for the Harper Apartments. That was the eighth-largest real estate deal in the Nashville area last year.

—Ted Glanzer

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