Ascentris, Confluent Development Acquire ParkRidge VI in Lone Tree, CO

Denver, CO (January 2, 2024)

Ascentris announced the formation of a joint venture with Denver-based developer and operator Confluent Development to acquire ParkRidge VI, a five-story, 161,000-square-foot 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 4.1/1,000-square-foot parking ratio
• A third-party operated cafeteria with roll-up exterior doors
• Large-format training rooms
• A fitness center with locker rooms
• Several breakout rooms
• Outdoor amenity space

ParkRidge VI is located in Denver’s Southeast submarket and provides convenient access to:

• Southeast Denver residential areas via I-25 and C-470
• The Denver Tech Center
• Downtown Denver via light rail

The property is visible from Interstate 25 and is located within a five-minute drive of Park Meadows, a regional shopping destination with more than 200 stores and restaurants.

It is also near 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 James Proffitt, Vice President at Ascentris. “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.”

“This acquisition signifies the start of a sustained initiative where Confluent Development and its partners are taking a highly disciplined approach toward office investment,” said Marshall Burton, CEO of Confluent Development. “ParkRidge VI’s strong tenancy, flexible floor plans, and highly visible mixed-use location in one of the metro area’s most educated and affluent suburbs supported an investment with the potential to outperform while offering multiple mitigants to downside risk.”

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About Ascentris

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 major property types and geographic regions throughout the United States.

Since 2003, the firm’s management team has followed an investment philosophy designed to provide investors with access to opportunities ahead of the market while delivering a high level of service, transparency, and accountability.

Ascentris is a privately held and management-owned SEC-registered investment adviser committed to putting its investors’ needs first. Additional information is available at Ascentris.com.

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About Confluent Development

Confluent Development is a full-service real estate investment and development firm that develops ground-up commercial real estate projects across the United States.

The company has more than 25 years of experience across multiple asset classes, including:

• Office
• Retail
• Industrial
• Senior housing
• Multifamily

More information is available at ConfluentDev.com.