The Bluffs at Highlands Ranch, consisting of 340 units, was built in 1994 and is in the prestigious master-planned community of Highlands Ranch, south of Downtown Denver. Purchased in September of 2016, the asset was previously managed by Sares Regis Property Management for JP Morgan.
Recognizing an opportunity for a complete renovation of exterior cosmetics, common area spaces and unit interiors, The SRG Fund set to work on all three areas of focus. A major rework of the leasing and management offices, club space, addition of a cabana party room off the pool, addition of a dog wash facility and interactive fitness system and upgrades, along with a package system were all completed. The exteriors were upgraded with a completely new paint scheme, landscape pruning and enhancement and upgrades to the pool furnishings. Unit interior improvements included quartz countertops, new fixtures, plank vinyl flooring and a contemporary two-tone color scheme.
After a successful renovation and seasoning of the property’s operations, the JLL Team led by Jordan Robbins and Pam Koster were brought in to market the property. Robust buyer demand led to selection of a Canadian based Buyer with a U.S. investment focused core-plus Fund seeking to expand their Denver portfolio.
This was another very smooth transaction, with Acquisitions Manager Tanya Lee, Assistant Vice President - Asset Management Hunter Heatly and our escrow team working with Regional Manager Jennifer Nessett in Denver and our Finance and Accounting groups.
Thank you everyone who assisted in the acquisition, the business plan execution, and getting this closing accomplished.
William B. Montgomery
Chief Investment Officer