FPA Expands Multifamily Holdings in Denver
The assets were previously owned by local families.
FPA Multifamily has acquired a three-building, 237-unit multifamily portfolio in Denver, for an unspecified price. The properties, in the Observatory Park neighborhood of the city, have not changed hands in more than 50 years, according to CBRE, which represented the seller.
Justin Hunt and Andy Hellman of CBRE worked on behalf of the sellers and original owners of the properties, which are listed as 2580 South University Co. LLC; 2550 South University Co.; and 2512 South University Co., in the deal.
The largest of the three properties is Heritage House, which spans 91 units at 2580 S. University Blvd. The 10-story property was built in 1968 and has an average unit size of 874 square feet.
The portfolio also includes Tabor House, which offers 82 units at 2512 S. University Blvd. The eight-story property finished construction in 1967.
The smallest of the three is Post House, totaling 64 units at 2550 S. University Blvd. The 11-story property was built in 1974.
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The previous owners renovated about a dozen units across the portfolio recently, leaving the new owner the option to update the remaining units over time. Common amenities at all the properties include a clubhouse, a swimming pool, a sauna, a community kitchen, and a parking garage. There is a fitness center at Tabor House and steam rooms at Heritage House and Post House.
All of the buildings were designed by Denver architect Roland Wilson, who designed more than 130 multi-story buildings over his career, mostly in the Denver area. Wilson has the distinction of one of Denver’s first apartment designers to include indoor pools and underground parking.
FPA ramps up more
The privately owned FPA, based in San Francisco, is a top-10 U.S. owner of multifamily assets, coming in at number seven on the Multi-Housing News’ 2025 list of Top Multifamily Property Owners. The company owned 71,500 units at the time the list was published late last year.
FPA has been on a growth trajectory. By the end of 2025, the company owned a net 12,750 more units compared to the 2024 ranking, when it came in 11th in the rankings. The firm grew its share in both affordable and student housing units; it also has a sizable portfolio of luxury and market-rate assets.
The company’s acquisition trajectory has continued into this year. In February, the company acquired the 378-unit ReNew Lake Arlington in Wheeling, Ill., for about $51 million. It was another example of a longtime family landlord selling to FPA.
