Manulife Investment Management announced today it has acquired TriVista on Speer, a multifamily property in Denver, Colorado for $144.5 million on behalf of a third-party managed account.
TriVista on Speer is a recently completed class A, 322-unit, seven story, multifamily property located at 1350 Speer Boulevard in the premier Golden Triangle neighborhood of Denver. The building features large floorplans with average unit sizes of 985 square feet, which includes an attractive mix of one studio unit, 179 one-bedroom units, 94 two-bedroom units, and 4 three-bedroom units. The 317,015 square foot property also offers high-end amenities catering to the demands of the young working professional such as a rooftop lounge, pool deck, conference rooms, and multi-floor fitness center. It is currently over 90% occupied.
The property is strategically positioned within the Golden Triangle, one of downtown Denver’s most vibrant neighborhoods that is an ideal live-work-play environment. Residents of the area benefit from being conveniently located near restaurants, bars, sporting arenas, theaters, galleries, parks, and high-end shopping. The property is also walking distance to 150,000 jobs within the Denver Central Business District, and the University of Colorado Denver Campus.
“The City of Denver is home to a growing economy where corporations have expanded or relocated adding to the city’s robust labor force,” said Pritesh Patel, Head of U.S. Real Estate Investments, Manulife Investment Management. “The favorable job market and high quality of life that residents seek have all contributed to the city’s economic advancement, and ultimately, is a region where Manulife Investment Management is looking to further expand its real estate footprint.”
Manulife Investment Management develops and manages commercial real estate for thousands of customers around the globe as part of its comprehensive private markets’ capabilities. As of March 31, 2021, the real estate portfolio totals 63 million square feet of office, industrial, and retail space strategically located in markets across Canada, the U.S., and Asia. The group leverages its global platform and local expertise to provide market-leading solutions for its tenants and deliver results for its partners.
About Manulife Investment Management
Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 17 countries and territories. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement.
As of March 31, 2021, Manulife Investment Management had CAD $764.1 billion (US $607.6 billion) in assets under management and administration. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.