DENVER, CO - CBRE has arranged the sale of Bell Cherry Hills, a 306-unit apartment community in Englewood, Colorado. Terrance Hunt, Shane Ozment, Chris Hart and Brad Schlafer of CBRE represented the seller, Bell Partners, in the transaction.
Located at 3650 S. Broadway St., the two-building, four-story property was built in 2015 and is made up of studio, one-, two- and three-bedroom units. Each unit features granite countertops, ENERGY STAR rated appliances, energy saving programmable thermostats and a private balcony or patio. Community amenities include a fitness center, resort-style pool and spa, outdoor kitchen, sky deck, resident lounge, game room, business center, dog park and grooming station, ski and bike repair shop, EV charging stations and two controlled access parking garages.
“Bell Cherry Hills garnered a ton of attention throughout the marketing process from both institutional and private investors alike given its attractive vintage and location,” said CBRE’s Chris Hart. “Due to current market conditions, we’ve seen more and more investors gravitate towards ‘core-plus’ profile assets like Bell Cherry Hills, that provide strong day one cashflow and a story, whether that be a relative discount to what it would cost to build a similar property today, potential upside through marginal unit upgrades or bringing rents in line with comparable properties in the area. Bell Cherry Hills checked several of these boxes and will continue to perform well as the Englewood City Center area continues to evolve over time.”
Bell Cherry Hills sits at the intersection of S. Broadway and Highway 285; with access to over 401,000 jobs within a 15-minute drive of the property. Residents have easy access to some of Denver’s top employment hubs, which include Swedish Medical Center, Craig Hospital and the Denver Tech Center Business Corridor, by car and the Englewood City Center Light Rail Station. The property is also near a variety of local and national dining, entertainment and retail options.
Metro Denver’s multifamily market fared well in Q2 2024, driven by strong renter demand, according to CBRE Research. The metro’s multifamily occupancy remains unchanged from Q1 2024, sitting at 93.9% in Q2 and positioning Denver in the top quartile for occupancy resilience across all U.S. markets measured by CBRE.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com