Fairfield Residential has purchased a 476-unit apartment complex in east Denver for $120 million.
An affiliate of the San Diego-based investor led by Richard Boynton bought the Parkfield Apartment Homes at 16199 East Green Valley Ranch Boulevard, in Green Valley Ranch, the Denver Business Journal reported.
The seller of the two-story complex was CLI Denver Parkfield, an affiliate of CLI, based in Singapore.
The deal works out to $252,101 per unit.
The sale includes the release of a deed of trust associated with a $540 million loan from Oversea-Chinese Bank that was taken out in 2019 by CLI, the firm associated with the seller. The loan originally was set to mature in February, but the terms were extended for at least two years, documents show.
The Parkfield Apartment Homes, built in 1999, include one- and two-bedroom units between 700 and 1,100 square feet, according to Rentcafe. Rents run from $1,509 to $1,903 a month.
The 30-acre complex is pet friendly and has a pool and spa, fitness center and common areas.
Fairfield also owns the Ridgemoor Apartment Homes, The Pines Apartments and Timberleaf multifamily properties, in Lakewood, and The Douglas Apartments in Downtown Denver, the company’s website shows.
The company was close to developing another Denver apartment project at 545 and 575 South Broadway with developer D4 Urban this year, but the deal fell apart, according to the Business Journal.
Fairfield Residential, founded in 1985, has $11 billion in assets under management and manages 42,700 apartments at 184 properties across the nation, with offices in Atlanta, Boston, Dallas, Denver, and Washington, D.C., according to its website.
The company is majority-owned by California State Teachers’ Retirement System, the world’s largest educator-only pension fund.
— Dana Bartholomew
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