Ascentris, Confluent Development Acquire ParkRidge VI in Lone Tree, CO
Denver, CO (January 2, 2024) – Ascentris, a Denver-based real estate private equity firm, announced today the formation of a joint venture with Denver-based developer and operator Confluent Development (“Confluent”) to acquire ParkRidge VI (the “Property”), a five-story, 161K sf, Class A office building located in Lone Tree, Colorado. The Property is currently 100% leased to Lumen Technologies and 100% subleased to Cochlear Americas. ParkRidge VI marks Ascentris’ first joint venture with Confluent Development. CBRE marketed the property on behalf of the seller.
The Property features unobstructed mountain views from all floors, a 4.1/1.0K sf parking ratio, and several amenities including a third-party operated cafeteria with roll-up exterior doors, large-format training rooms, a fitness center with locker rooms, several small breakout rooms, and outdoor amenity space. ParkRidge VI is located in the Southeast submarket of Denver, CO and provides vehicular access to Southeast Denver single family housing via I-25 and C-470 as well as north to the Denver Tech Center and the Denver CBD via light rail. The Property is visible from I-25 and is located within a five-minute drive of Park Meadows, which features more than 200 stores and restaurants, as well as the RidgeGate master-planned community, which includes a Sprouts grocery store and several dining options.
“Ascentris is thrilled to partner with Confluent on this opportunity.” said Ascentris Vice President James Proffitt. “The location, quality, and tenancy of ParkRidge VI make it an excellent addition to our portfolio. The Confluent team did a fantastic job securing the opportunity at an attractive risk-adjusted return” added Proffitt.
“This acquisition signifies the start of a sustained initiative, where Confluent Development and its partners are taking a highly disciplined approach towards office investment,” said Marshall Burton, CEO at Confluent Development. “ParkRidge Six’s strong tenancy, flexible floor plans, and highly visible, mixed-use location in one of the metro area’s most educated and affluent suburbs all supported an investment with the potential to outperform, while offering numerous mitigants to downside risk.”
Ascentris is a real estate private equity firm based in Denver, Colorado that manages a series of fully discretionary institutional vehicles targeting both value-add and core investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure for the purposes of getting its investors to opportunities ahead of the market and providing unmatched level of service, transparency, and accountability. Ascentris is a privately held and management-owned SEC-registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at Ascentris.com.
About Confluent Development
Confluent Development is a leading full-service real estate investment and development firm that owns and develops ground-up commercial real estate throughout the United States. Confluent Development is an industry expert with more than 25 years of experience across diverse product types including office, retail, industrial, senior housing and multi-family developments. For more information, visit ConfluentDev.com.