SUPERIOR, CO—In one of the largest multifamily transactions in Colorado history, Bell Partners Inc., Greensboro NC, has spent about $250 million to acquire the 1,206-unit garden community here that has been known as Horizons at Rock Creek.

The property has been renamed Bell Flatirons and will be managed by Bell Partners. The seller was Simpson Housing LLP, and additional financial terms were not disclosed. 

At roughly $250 million, this is the largest multifamily trade in Colorado history, and only three assets have traded at a higher price: Downtown Denver's Wells Fargo Center (aka the “Cash Register Building”), the Flatiron Crossing Mall in Broomfield and Park Meadows Mall in Lone Tree.

ARA Newmark executive managing directors Terrance Hunt and Shane Ozment, and vice chairmen Jeff Hawks and Doug Andrews, represented Simpson Housing LLP.

Completed in multiple phases between 1997 and 1999 by Simpson Housing, Bell Flatirons is conveniently located off the main corridor connecting Denver and Boulder. 

“This acquisition is a great addition to our portfolio, and we expect it to be a solid investment for our investors, said John Bell, president of Bell Partners. “Furthermore, it is consistent with our strategy to expand our footprint into high-growth, liquid and institutionally desirable markets that have compelling economic and apartment growth fundamentals.  Denver is one of the strongest apartment markets in the country, and the purchase of Bell Flatirons provides us with an excellent opportunity to continue our strategic expansion beyond our current East Coast and Southwest markets.”

The property, one of the largest multifamily communities in the Denver area, is comprised of three distinct phases: Watters Edge, Prairie's End, and Cross Creek.  Watters Edge (586 units) is the largest phase and consists mostly of townhomes and apartments with one and two car attached garages.  Prairie's End (360 units), and Cross Creek (260 units), are traditional garden apartments, each apartment home with its own garage.  The cornerstone of the community's resort-style amenities is its 24,000 square foot luxury clubhouse with an indoor basketball court, two racquetball courts, a movie theater, and a large fitness room.  The community also has a beach, a fishing pond, four pools and multiple fire pits.