Englewood, Colo.—The ConAm Group has acquired PeakView Place, a 296-unit apartment property in metro Denver, for an unspecified price. The apartment community is in Englewood, a major suburb of Devner, and within the 850-acre Denver Technological Center.
ConAm says it will reposition the asset through a $5.5 million renovation, which will include new exterior siding, full interior upgrades and overall enhancements to the common areas and landscaping, as well as construction of a new leasing office. The property’s common amenities include full-sized washers and dryers and central heat/air conditioning, as well as fireplaces, a pool and spa, and a fitness center.
Denver’s a booming multifamily market. Investment specialist Marcus & Millichap notes that over the past several years, absorption has kept pace with increasing development. This year, however, it predicts that deliveries will outpace demand, elevating market-wide vacancy into the low-4-percent range.
Even so, the rise in vacancy will be temporary as construction slows and new projects lease up. High demand for rentals will enable operators to lift rents at one of the fastest paces nationwide. Over the last few years Denver has ranked among the top major metros for rent growth, posting annual gains well above 5 percent since 2010.
ConAm is no stranger to the Denver market, having been active there since the early 1980s. With its latest acquisition, ConAm’s Colorado portfolio now totals about 5,500 units, including owned and managed assets; nationwide, it oversee a portfolio of about 50,000 company-owned and fee-managed apartments.