Broomfield apartment complex sells for $86M

BROOMFIELD — A Broomfield apartment complex has sold just 14 months after it was acquired by Greenwich, Conn.-based Starwood Capital Group.

The Denver Business Journal reports that Summit Management Services, based in Akron, Ohio, acquired the 350-unit Stonegate complex for $86 million. Stonegate is located west of the Interlocken business park at 11815 Ridge Parkway.

Starwood acquired Stonegate in January 2016 as part of a $5.4 billion transaction that included more than 23,000 apartment units around the country.