Sales price was not disclosed.
Michael Newman, Golub's president and CEO, says the partnership plans a phased conversion of the 22-building community to condominiums. It has renamed the property Falilngwater Condominiums.
The first phase, to include 76 units, will begin this month. The program also will include the sale of garage and surface parking spaces.
"Communities southwest of Denver have grown tremendously in recent years," Newman says. "Based on our long experience with conversions in other locations, we believe this upscale community is ideal for condominium ownership. Many present tenants have expressed an interest in buying, and we expect an excellent response from the general public as well."
Doug Andrews and Jeff Hawkins of Grubb & Ellis represented the seller in the transaction. Lehman Brothers provided financing for the acquisition. Tom Fowler of ERA Fowler Real Estate is the exclusive sales agent for the conversion.
Golub executives will be directly involved in the sales program, while TVO has assumed property management and leasing responsibilities.
"Our first priority is to meet the highest expectations of Fallingwater's present and future residents," says Wayne Vandenburg, chairman and chief executive officer of TVO.
Situated on nearly 20 acres in Jefferson County, adjacent to Ken Caryl Ranch and the city of Littleton, Fallingwater was completed in 2001. Features include nine-foot ceilings, crown molding in living areas, ceiling fans, large walk-in closets and pantries, built-in computer workstations, and high-speed telecommunications capabilities.
One-bedroom units range from approximately 800 sf to 1,000 sf; two-bedrooms from 1,050 sf to 1,300 sf; and three-bedrooms from 1,400 sf to 1,500 sf. Many units have fireplaces and direct access to attached garages. The two- and three-bedroom units all have two bathrooms.
Fallingwater Condominiums is located on South Quail Circle on the northeast corner of Simms and Ken Caryl Avenue, a mile east of C-470 and approximately 30 minutes from downtown Denver.
Golub & Company and its affiliates are active internationally in real estate development, acquisitions, asset and property management, leasing and corporate real estate services. Overall, the company has owned, leased and managed more than 25 million sf of commercial and multi-family real estate properties. TVO Realty Partners owns and manages, with institutional investors, multi-family communities throughout the United States. TVO and its affiliate, EPT Management Co. are the nation's 41st largest apartment owner and manager, according to the National Multi-Housing Council. The TVO/EPT portfolio of 82 owned and managed properties consists of approximately 22,600 units in 15 states. TVO affiliates also operate throughout Europe.
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