The Sage Brook apartment complex in Denver — Courtesy: Circle Squared Alternative Investments
By Joshua Burd
Two Morristown-based firms are among those involved in the acquisition of a 216-unit apartment complex in Denver, the companies announced Monday.
One of the firms, Circle Squared Alternative Investments, said it served as project investment adviser to the joint venture between The Hampshire Cos. and HLC Equity. The longtime partners are real estate investment firms based in Morristown and Pittsburgh, respectively.
Together, the firms acquired the Sage Brook apartment complex at 7201 Leetsdale Drive in Denver. The property is three miles from an upscale neighborhood known as Cherry Creek.
Terms were not disclosed.
“In 2015, home values in Denver experienced a 10.7 percent year-over-year increase, making home ownership more expensive and leading to an increase in rental demand,” Jeffrey Sica, founder and president of Circle Squared, said in a prepared statement. “Together with The Hampshire Cos. and HLC Equity, we recognized the opportunity to invest in a core asset with in-place income and planned value-add enhancements.”
Hampshire and HLC and or its affiliates have had partnerships that have spanned three generations, comprising more than 50 jointly owned assets, according to a news release.
Amenities at the Sage Brook apartments include a swimming pool, 24-hour fitness center, a business center, a playground and barbeque grills, the news release said. The community is located near public transportation and is on a main thoroughfare for restaurants and shopping.
“The Sage Brook Apartment Complex is strategically located in an infill location, just three miles from the upscale Cherry Creek neighborhood, and in the center of the region’s three largest employment areas with close proximity to Downtown Denver, the Denver Tech Corridor, and the Fitzsimons Innovation Campus,” said Norman A. Feinstein, vice chairman of Hampshire. “With strong demographics and projected rent growth in the area, this community is a strategic addition to our multifamily portfolio.”
