Denver Portfolio Secures $333M Refinance
In a significant transaction, the Palomino Park portfolio, comprising three rental properties with 1,184 units in the Denver metropolitan area, has obtained a $333.3 million floating-rate bridge loan from Greystar. The loan, arranged by JLL’s Capital Markets group, includes an initial funding of $325 million and an additional $8.3 million allocated for future renovations. This refinancing has retired the existing loans and will provide capital for ongoing improvements to the properties. The Debt Advisory team, led by Executive Managing Director Trey Morsbach, facilitated the deal on behalf of the borrower, a real estate fund advised by Crow Holdings Capital.
The Palomino Park portfolio, situated within the 106-acre Highlands Ranch master-planned community, consists of three rental communities: Green River, Blue Ridge, and Red Canyon. Blue Ridge, the largest community, features 456 units with an average size of 1,050 square feet, including 424 townhome-style units and 176 detached garages. Red Canyon boasts 304 luxury units with direct-access garages. The portfolio was acquired by the Crow Holdings Capital-advised fund in June 2021 from Nuveen Real Estate for a record $435 million. The properties offer a mix of one-, two-, and three-bedroom floorplans, catering to diverse residential needs.
The three communities share access to the Colorado Club, a 26,000-square-foot amenity facility featuring a pool, gym, full-service bar, and gathering areas. A 17-acre park surrounding the facility includes three tennis courts, two full-size sports fields, and a playground. Greystar manages the properties, which have undergone significant interior and exterior improvements since the fund’s acquisition. Residents of Palomino Park enjoy proximity to Denver’s Southeast Business Corridor and the Park Meadows Mall, enhancing their overall living experience.
Despite a year-over-year decline in sales volumes in the Western region of the U.S., Denver ranked second among the top 5 Western markets for investment in the first five months of the year, according to Yardi Matrix. Sales in Denver reached $385.5 million through May, compared to $876.3 million in the same period in 2025. CBRE’s Denver multifamily Q2 market report noted a positive net absorption of 6,550 units in the second quarter of 2026, the highest quarterly total since the third quarter of 2021. This represents a significant increase from the 2,699 units recorded in the first quarter, with a year-over-year rise of 3,330 units. Average rent per unit also increased by 1.9 percent quarter-over-quarter to $1,764.
In related news, the Denver-area multifamily market has seen notable transactions, including the sale of Vantage at Loveland, a 288-unit garden-style community in Loveland, Colorado, to J.B. Matteson for $72.3 million in August. The community has been rebranded as Tyler at Loveland. Additionally, FPA Multifamily acquired a 237-unit multifamily portfolio in Denver’s Observatory Park neighborhood from 2580 South University Co. LLC, 2550 South University Co., and 2512 South University Co. for an undisclosed amount. The portfolio comprises Heritage House with 91 units, Tabor House with 82 units, and the 64-unit Post House, further highlighting the market’s activity despite overall slowdown trends.
