CIM Group is expanding its Denver holdings with the acquisition of The Lex at Lowry, a 710-unit apartment and townhome community that is among the region’s largest multifamily properties.
The sales price and seller were not released by CIM. According to Yardi Matrix data, the property, then known as Berkshires at Lowry, was acquired in June 2014 by TruAmerica Multifamily for $119 million as part of a three-asset portfolio transaction totaling $229 million that included another apartment community in the Denver region and a third in Renton, Wash. The seller in 2014 was Berkshire Residential Investments, which had purchased the property in July 2007 for $86 million from Johnson Management, Yardi Matrix reported.
Built in 1972, The Lex at Lowry comprises 24 buildings, a combination of townhome and mid-rise units, and 1,204 parking spaces. It is one of only seven apartment properties with more than 700 units in the Denver metropolitan area.
Located at 240 S. Monaco Parkway between Lowry and Cherry Creek on Denver’s east side, the property offers convenient access to Denver’s largest employment bases including Cherry Creek, Downtown Denver and Denver Tech Center. The neighborhood has a mix of multifamily and single-family housing, a variety of retail and restaurant options, office space and more than 800 acres of recreational facilities and open space.
Shaul Kuba, CIM Group co-founder & principal said in a prepared statement the location in a thriving metropolitan market near business centers and regional transportation aligns with CIM’s community focus to provide quality housing in a dynamic area. CIM has been an active owner, developer and operator in Denver for more than 10 years. Its portfolio includes 9th + Co., an urban infill mixed-use project with retail, restaurants and entertainment, alongside residential options including the 275-unit Theo and 319-unit Milo apartment buildings.
The Lex at Lowry was 91 percent occupied at time of sale, according to Yardi Matrix. The property features a mix of one-, two- and three-bedroom apartments and townhomes ranging size from 720 square feet to 1,900 square feet with an average of 1,152 square feet. Rents range from $1,459 to $2,147 with an average rent of $1,599, Yardi Matrix reported. There are washers and dryers or washer/dryer hookups in select units. The apartments have above standard ceiling heights and some units have fireplaces.
Community amenities include three swimming pools, two spas, tennis courts, a yoga and spin studio, racquetball court, indoor basketball court, fitness center, and business and conference facilities. The nearly 26-acre property also features a playground, dog park and outdoor seating areas with fire pits.