CBRE has arranged the $93 million sale of Esprit at Cherry Creek, a 561-unit community in Denver’s Glendale neighborhood. Dan Woodward, David Potarf and Matthew Barnett represented the seller, a joint venture between TruAmerica Multifamily and Investcorp. Bridge Investment Group, who recently purchased a 680-unit community in Atlanta, is the new owner of the asset.
Located at 5001 E. Mississippi Ave., Esprit at Cherry Creek is close to the Colorado Boulevard retail corridor and Cherry Creek Shopping Center. University of Denver is 3 miles of the asset, while downtown Denver is within 6 miles.
Since purchasing the property for $71 million in 2015, the previous owner invested in upgrades that included elevator, stair, railing and exterior walkway improvements, boiler and window replacements and roof repairs. Additionally, 279 of the units have been renovated and now feature new fixtures, countertops, flooring and appliances. According to Yardi Matrix data, the asset was 94.3 percent occupied as of October.
Completed in 1974, the property features one- and two-bedroom units, ranging from 450 to 950 square feet. The nine-building community includes:
- private lake
- two swimming pools
- dog park
- sand volleyball court
- tennis court
- fitness center
- nine laundry facilities
“Esprit at Cherry Creek is among the largest value-add opportunities in Denver and is located within the highly sought Cherry Creek School District. With extensive capital projects completed by the seller, an investor can now focus on unit renovations and the potential for exceptional value-add returns,” said David Potarf, executive vice president of CBRE Capital Markets Denver.
Image courtesy of CBRE
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