Allied Orion to Manage 573-Unit Denver Community
- Jun 29, 2016
Denver—Houston-based management, development and investment firm Allied Orion Group has been selected to manage Spyglass Hill Apartments, a 573-unit multifamily community in Denver. This is Allied Orion’s largest Denver area property, with the portfolio also including 300-unit River Glenn in Fort Collins and the centrally located 332-unit community 2785 Speer, which the company also owns.
Spanning on 32 acres and located at 7100 E Mississippi Ave., Spyglass Hill was recently bought by Arel Capital from BMC Investments. Yardi Matrix approximates the price tag at roughly $78.5 million, or $137,000 per unit, with the sale being subject to a $58.9 million loan originated by Capital One and held by Fannie Mae. The property previously changed hands in 2013, when BMC Investments shelled out just $40 million, or approximately $70,000 per unit.
The 31-building Denver community offers 281 one-bedroom, 675-square-foot units and 292 two-bedroom, 950-square-foot units. Amenities include a 24-hour fitness center, business lounge, clubhouse, tennis court, volleyball court, two swimming pools, basketball court, indoor spa and sauna, laundry facilities, individual air conditioning and on-site maintenance.
Within short walking distance from the Leetsdale Marketplace Shopping Center and also close to Cherry Creek Mall and Aurora Town Center, Spyglass Hill is conveniently located near numerous shopping and dining options. Halfway between Interstates 25 and 225, the property offers great access to commuting routes.
“We chose Allied Orion Group to manage Spyglass Hill because of their knowledge and experience in the Metro Denver property management market,” said Richard Leibovitch, managing partner at Arel Capital. “Their full-service nature and enthusiasm towards our properties give us great comfort as non-local owners.”
Image courtesy of spyglasshilldenver.com