F
airfield Residential has acquired the 476-unit Parkfield Apartment Homes in east Denver's Green Valley Ranch neighborhood for $120 million. The San Diego-based investor, led by Richard Boynton, purchased the two-story complex at 16199 East Green Valley Ranch Boulevard from CLI Denver Parkfield, an affiliate of Singapore-based CLI. The deal translates to $252,101 per unit and includes the release of a $540 million loan taken out in 2019 by CLI.

    The Parkfield Apartment Homes, built in 1999, feature one- and two-bedroom units ranging from 700 to 1,100 square feet, with rents between $1,509 and $1,903 per month. The pet-friendly complex includes a pool, spa, fitness center, and common areas across its 30-acre site.

    Fairfield Residential also owns several other Denver properties, including the Ridgemoor Apartment Homes, The Pines Apartments, Timberleaf multifamily properties in Lakewood, and The Douglas Apartments in Downtown Denver. With $11 billion in assets under management, Fairfield manages 42,700 apartments at 184 properties nationwide, employing a team across multiple offices.

    The company is majority-owned by the California State Teachers' Retirement System, the world's largest educator-only pension fund.