Miami Twp.-based real estate acquisition firm Connor Group expanded its nationwide portfolio, picking up a Denver property for $105 million, the company said Friday.
The purchase of Alas Over Lowry, formerly Broadstone Lowry, expanded the real estate investment firm’s Denver holdings for the first time since 2018.
Connor Group principals began pursuing the property before the global pandemic made itself felt in the United States. Though the sellers pulled the listing from the market during the pandemic, Larry Connor, the local firm’s founder and managing partner, pursued the deal when it was re-listed, as the company described the transaction.
“The market turmoil created opportunity,” Connor said in a release. “We’ve remained open for business and are actively leveraging our relationships to secure acquisitions that fit our long-term plans.”
The Connor Group finds promising apartment properties that company leaders believe are poised for future appreciation. They acquire the properties, focusing on customer service and improvements, then sell them when the time is right.
Alas Over Lowry is the Connor Group’s fourth acquisition in 2020. The firm has closed or placed under agreement a total of $492.7 million in transactions this year.
“We believe people make the difference,” Connor said. “Over the last four years, we’ve built a strong team in our Denver region, enabling us to continue growing the market when the right opportunity arises.”
The Connor Group first entered the Denver market in 2017 with the $65 million acquisition of The Gardens at Cherry Creek. Alas Over Lowry is the company’s third acquisition in the region where they own and operate nearly 900-units.
The new name pays tribute to the World War II history of Lowry Air Force Base.
The Connor Group owns and operates 13,000 units in 41 luxury apartment communities across the country.