Connor Group buys Denver-area multifamily for $100M
Ohio-based real estate investor entered market in 2017
The Connor Group is expanding its multifamily portfolio in the Denver area.
The Ohio-based real estate investor has purchased Broadstone Olivine, a 326-unit Littleton community, for $100 million from an LLC affiliated with Alliance Residential Company, the Dayton Business Journal reported.
Alliance purchased the property in 2019 for $5 million and built the apartments in 2021, the outlet reported, citing records.
The sale of the four-story property at 8012 West Long Drive near the intersection of South Wadsworth Boulevard and West Bowles Avenue, amounts to about $306,748 per unit.
Bob Lloyd, CEO of The Connor Group, said the complex is a “highly sought-after destination within the Denver metro” with a community-driven environment and excellent schools, the outlet said.
The property features a range of amenities, including an outdoor pool, fitness center, coworking space, rooftop lounge, clubhouse, and a golf putting green.
This acquisition adds to The Connor Group’s growing presence in the Denver area, where it first entered the multifamily market in 2017.
The company now owns apartments in various Denver neighborhoods, including Lowry, Cherry Creek, and the Denver Tech Center. Beyond Colorado, The Connor Group is active in multiple states, managing 15,000 luxury apartments across 18 markets with $4.5 billion in assets. The firm currently operates 42 luxury apartment communities in 17 markets nationwide and closed more than $1 billion in transactions for the fourth consecutive year.
— Ted Glanzer