CBRE has brokered the $46.7 million sale of Velo Apartment Homes, a 240-unit community in Denver’s Bear Valley/Fort Logan submarket. David Potarf, Dan Woodward, Matthew Barnett and Jake Young represented the seller, FPA Multifamily. Jacobson Co., which recently acquired another asset in Denver for 41.3 million, is the new owner of the property.
Located at 3481 S. Fenton St., Velo Apartment Homes is within 12 miles of downtown Denver. The asset has major street exposure and is very close to Bear Valley Shopping Center. Completed in 1986, the property features one- and two-bedroom floorplans, averaging 834 square feet. The 10-building property has seen extensive capital improvements in 2016, including complete rebranding, common area upgrades, system upgrades and landscape improvements. More than 150 of the units were included in the renovation process.
“Velo represents an incredible value-add opportunity with 240 units, full on-site amenities and an excellent west Denver location, adjacent to the Bear Creek Trail system. The property’s neighborhood setting, mature landscaping and complete rebrand positioned Velo to successfully compete at a high level,” said David Potarf, executive vice president with CBRE Capital Markets, in a prepared statement.
Image courtesy of CBRE
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