Pensam Residential Buys 1,523-unit Breakers Resort, a Denver Apt Community for $350 million

MIAMI - Oct. 31, 2016 - PRLog -- Pensam Residential, a national multi-housing owner and operator, announced today the landmark acquisition of The Breakers Resort apartment community in Denver for $350 million. One of the most dynamic apartment communities in Colorado and the largest physical asset in metro Denver, The Breakers Resort is a nearly 190-acre site which spans 1,523 units among six villages, a privately owned lake and a 26,000-square-foot recreation center located within minutes of downtown Denver and Cherry Creek.

"This is a key strategic investment for Pensam Residential as the Denver market is seeing job growth above both the state and national averages. Rapid population and employment growth will continue to fuel demand for highly-skilled professional jobs in the coming years," said Michael Stein, Founding Partner of Pensam Residential. "Denver is an economic hub for the central United States and home to large corporations such as Lockheed Martin, United Airlines and Charles Schwab. The Denver multifamily market should remain one of the strongest performers in the United States."

While The Breakers maintains its position as a unique and desirable asset, often referred to as one of Denver's premier multifamily communities, Pensam Residential has identified an opportunity for substantial value creation and plans to modernize and enhance the amenities at the property. In order to accomplish these rehabilitation efforts, the companies will implement a sizable capital improvement program to include re-purposing of several individual community clubhouses as well as a complete retrofit of the Catamaran Club, Riviera Cafe, and the Marina.

Koelbel and Company, the original co-developer of The Breakers beginning in 1989, will remain a minority partner with continued input on the strategic vision for the future of this dynamic community.

According to the brokerage firm ARA, the Breakers transaction is the country's second most valuable multi-housing trade to date in 2016 and the largest apartment deal in Colorado history.

About Pensam Residential

Headquartered in Miami, Pensam Residential is a multi-housing owner and operator which manages a growing portfolio of properties across the United States.  Pensam encompasses all aspects of real estate property ownership and investment, including acquisition, financing, construction, repositioning, and management.  Pensam has acquired over 22,000 units across more than 75 properties.  For more information visit www.pensamresidential.com.