Granite Capital Group Closes $46 Million Sale of Henderson, Colorado Multifamily Community
Henderson, CO (May 25, 2023)-–Granite Capital Group, (GCG), a Santa Barbara, Calif. real estate investment firm with multiple real estate holdings in Colorado, Montana, Texas and California, completed the $46 million sale of Enclave Belle Creek, a 167-unit multifamily and townhome community in Henderson, Colorado. Transwestern Real Estate Services Vice President John Blackshire and Senior Vice President Tom Wanberg represented GCG in the sale.
The property was first acquired by GCG in 2018 and is part of the master-planned Belle Creek community. It is a 10-building complex, built in 2017 and 2018, and is a mix of apartments and townhomes. “We received significant interest from many potential buyers who were understandably drawn to Enclave Belle Creek’s walkable, family-friendly neighborhood,” said Blackshire. “Rising interest rates, however, created challenges for many prospective purchasers in their capital stack. Relying on our team’s decades-long experience and relationships, we were able to secure a buyer who could close on this beautiful community.”
?“Back in 2018, we noticed a lack of quality, affordable living spaces for young couples and families in the greater Denver area,” says Bruce Savett, GCG founder and principal. “We saw this shortage as a huge investment potential if we could find the right property. Enclave filled the need. The Belle Creek community is ideally located not far from downtown Denver with family-friendly amenities including plenty of walking trails, open space, an onsite fitness center, a K-8 grade charter school and close to shopping, dining and entertainment.”
“We appreciate the experience and diligence of Transwestern and its team in securing a buyer in a volatile, rising-interest rate capital markets environment,” says Evan Geeb, GCG vice president of acquisitions.
“From purchase to sale, GCG was able to generate strong returns for our capital partners. We look forward to future development and acquisition opportunities in Colorado,” says Savett
The transaction was a 1031 exchange. “A 1031 was always the intention and we see a lot of opportunity in the market for a successful replacement property,” says Geeb. ”By utilizing a 1031 exchange, investors can defer taxes on their sale proceeds and reinvest the money into a higher quality asset location that has the potential for better returns.”
“Our limited partners are very happy about the 18%-plus annual return on investment they received,” says Savett. “We may in fact raise additional capital depending on the size of the acquisition we find to complete our exchange.”
About Granite Capital Group
Granite Capital Group (GCG) provides an array of commercial real estate services to accredited investors including sponsored investment funds, in-depth expertise in structuring and executing 1031 exchanges, asset management, real estate portfolio analysis, and advisory consulting services.
GCG was formed in 2015 by principal, Bruce Savett, as an outgrowth of his former partnership which he co-founded in the early 2000s. GCG was formed to pursue opportunistic real estate investments in the western United States with a focus on value-add repositioning, ground-up development, and asset management of multifamily, industrial, and retail assets.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, investment management, and opportunistic endeavors for high-net-worth investors. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at www.transwestern.com and @Transwestern.
Business Owner
1 年Congratulations!