Connor Group closes Denver-area apartments deal

The Connor Group sold the Terracina apartments in the Denver area recently. Contributed.

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The Connor Group sold the Terracina apartments in the Denver area recently. Contributed.

Miami Twp. real estate investment firm Connor Group sold a Denver-area apartments complex last week, the second largest property sale in the company’s 30-year history.

The disposition marks the company’s first sale in the Denver market and its fifth overall this year. Financial terms were not released.

“We first identified the Denver market as a desirable location in 2016 due to the unprecedented demand,” managing partner Larry Connor said in an announcement Wednesday.

The sale of the Broomfield, Colo. property “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 firm purchased the 386-unit property in 2018. At acquisition, Terracina was part of a $618 million transactional day for Connor, which included four acquisitions and six refinance closings in one day.

With this closing, the firm delivered an average 66% internal rate of return on 2022 property sales, with $9.4 million going towards Kids & Community Partners, the company’s non-profit arm.

“We believe organizations like ours who have been extremely successful have both the opportunity and the obligation to give back,” Connor said. “Over the next decade, we anticipate investing $500 million in non-profit endeavors to help disadvantaged kids.”

The company said it has closed or placed under agreement nearly $2 billion in deals so far in 2022.

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