Cherry Creek apartment complex sells for $225M

Broe Real Estate Group is doubling down on Cherry Creek with a large housing purchase in the neighborhood.

The Denver-based firm, a division of The Broe Group, paid $225 million for the Seasons of Cherry Creek, an apartment complex located at 3498 E. Ellsworth Ave.

The apartment community contains 587 units, making the purchase price equal to $383,305 per unit. The deal represents the second-largest real estate transaction in Cherry Creek, according to The Broe Group. The three-building complex is located on 5.2 acres and has 530,575 square feet of space. 

“For more than four decades, the Broe family and The Broe Group have called Cherry Creek home,” Kiki Broe said in a news release. “We have grown with Cherry Creek for generations, and we believe deeply in the future of our community. The Seasons of Cherry Creek plays a vital role in Cherry Creek’s long-term housing plan, and we are committed to ensuring that it remains a vibrant, trusted community for generations to come.”

The seller of the complex was Seasons Residential LLC, whose address is affiliated with Allstate Insurance Co. in Chicago. The LLC is also affiliated with Denver-based multifamily firm RedPeak. According to previous reporting, RedPeak broke ground on a third, 13-story office tower at Seasons of Cherry Creek in 2008, the first ground-up development for the company. That construction added 148 apartments to the 439 units already at the complex at the time. 

“The Seasons of Cherry Creek is an exceptional living community in a premier location,” Broe Real Estate Group Senior Vice President Josh Mesner said in a news release. “As a Colorado company, we are very committed to our home market and this acquisition will be a legacy project that will serve our local community for years to come.”

Broe has been active in Cherry Creek recently, having renewed its efforts to replace an office building it owns at 50 S. Steele St. with a 12-story, 378-unit residential building. The firm also has two office developments in the works at 200 and 250 Clayton St. In Longmont last year, Broe landed Boise, Idaho-based Micron Technologies Inc. as an anchor tenant at MAX Technology Center. 

Broe’s headquarters are also located in Cherry Creek at 252 Clayton St. 

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