Out-of-state investors trade Terracina Apartments in Broomfield

BROOMFIELD — After holding the Terracina Apartments complex in Broomfield for fewer than four years,  The Connor Group, an Ohio-based real estate investment firm, offloaded the asset to a Southern California investor for nearly double what it paid.

Newport Beach-based Sares Regis Group, through holding company SRGMF IV Via Varra Road Broomfield LLC, bought the nearly 15-year-old property 13690 Via Varra near U.S. Highway 36 and Northwest Parkway for $190 million. Seller was The Connor Group-affiliated holding company Via Varra Broomfield LLC, Broomfield real estate records show. That price tag makes the Terracina sale one of the region’s most expensive multifamily deals of the year.

The Connor Group bought the 386-unit Terracina in 2018 from Terracina Villas LLC, an entity then registered to a California address associated with equity firm Pacific Coast Capital Partners LLC, for $109 million.

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The Ohio company’s purchase of Terracina coincided with acquisitions of three other properties in the Chicago and Atlanta markets, according to a report from the Dayton (Ohio) Business Journal. The total combined value of the purchases was $618 million.

“We first identified the Denver market as a desirable location in 2016 due to the unprecedented demand,” Connor managing partner Larry Connor said in a prepared statement. “Terracina checked all of the boxes for us — it’s a Class A property in an A location. And thanks to our people following our proven processes and systems, we delivered investor returns more than three times what we originally projected.”

The Terracina deal represents Connor’s first sale in the greater Denver market.

For the buyer’s part, Sares Regis’ presence in Colorado includes a 600-unit apartment complex in Colorado Springs that’s under construction and a recently acquired, 301-unit multi-family community in Denver’s River North neighborhood.