DENVER BUSINESS JOURNAL - Greenwich, Connecticut-based Starwood Capital Group has sold a Broomfield apartment complex that it acquired from billionaire real estate mogul Sam Zell early last year, according to public records.
Summit Management Services Inc. purchased the 350-unit Stonegate for $86 million, according to commercial real estate firm HFF. The property is located at 11815 Ridge Parkway, west of the Interlocken Business Park.
Stonegate sold for nearly $246,000 per unit, said Jeff Haag, associate director at HFF, which represented the seller in the deal. That per-unit price is a strong one for a property built in 2001, Haag said, driven in part by renovations that have been completed at the property.
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