Adding to its multifamily properties in the Denver area, the Connor Group purchased a Littleton community for $100 million. The Connor Group bought its first multifamily property, Broadstone Olivine, in the Denver area in 2017 and now owns apartments in Lowry, Cherry Creek and the Denver Tech Center.
Built in 2021, Broadstone Olivine was sold for approximately $306,748 per unit. The seller is Alliance Residential Company, whose headquarters are in Scottsdale, Arizona, which purchased the property in 2019 for $5 million. The property is managed by Greystar.
This is not the only apartment building Alliance Residential has unloaded this year. It also sold an Uptown property for $111 million in October. The real estate company also has a 332-unit apartment project in Sterling Ranch.
“In 1992, The Connor Group consisted of one investor and $400,000 of seed funding to buy three apartment communities in Dayton, Ohio. Today, they have more than 900 investors, $4 billion in assets, and operate in 18 markets across the country. They started with three Partners. Today, they have more than 60. It’s a group that includes service techs, administrative personnel, property managers, sales associates, trainers, and top executives. In 2015 they promoted their first grounds person to Partner. There is no glass ceiling there. And, because there isn’t, their associates have a “sky’s-the-limit” attitude.”
