Denver
CBRE Global Investors Acquires 320-Unit Multifamily Development in Denver, Colo.
04 Dec 2019
A fund sponsored by CBRE Global Investors has acquired The Tenzing, a 320-unit multifamily property situated 25 minutes north of downtown Denver in Westminster, Colo. The acquisition of the property, which is located at 11674 North Pecos St., is aligned with the fund’s strategy of investing in target multifamily markets across the United States.
The Tenzing spans 297,615 square feet and includes a mix of one-, two- and three-bedroom apartments. Residents at The Tenzing, which is 90 percent leased, have access to an expansive amenity collection that includes a fitness center and yoga studio, a saltwater pool, outdoor BBQ grills, a dog wash station and outdoor dog park, a bike repair shop and a business center.
The Tenzing is close to a variety of shopping, dining and entertainment options along Colorado Highway 128. The property is less than 40 minutes from Denver International Airport.
“The Tenzing is a newly built development in a commuter-friendly suburb of Denver. With easy access to I-25, residents can be downtown in less than 30 minutes,” said Kim Hourihan, a portfolio manager for CBRE Global Investors. “With this ideal location and a robust set of amenities, these high-end units have been in steady demand. We are actively investing in this type of product, as we expect demand to continue to grow in other key U.S. multifamily markets like Denver, which has benefited from investments in public infrastructure and the creation of community amenities, like a variety of dining and entertainment options.”
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $106.2 billion in assets under management* as of September 30, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2018 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.
The Tenzing spans 297,615 square feet and includes a mix of one-, two- and three-bedroom apartments. Residents at The Tenzing, which is 90 percent leased, have access to an expansive amenity collection that includes a fitness center and yoga studio, a saltwater pool, outdoor BBQ grills, a dog wash station and outdoor dog park, a bike repair shop and a business center.
The Tenzing is close to a variety of shopping, dining and entertainment options along Colorado Highway 128. The property is less than 40 minutes from Denver International Airport.
“The Tenzing is a newly built development in a commuter-friendly suburb of Denver. With easy access to I-25, residents can be downtown in less than 30 minutes,” said Kim Hourihan, a portfolio manager for CBRE Global Investors. “With this ideal location and a robust set of amenities, these high-end units have been in steady demand. We are actively investing in this type of product, as we expect demand to continue to grow in other key U.S. multifamily markets like Denver, which has benefited from investments in public infrastructure and the creation of community amenities, like a variety of dining and entertainment options.”
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $106.2 billion in assets under management* as of September 30, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2018 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.