CBRE Brokers $56M Denver Portfolio Sale
- Nov 01, 2018
CBRE has completed the sale of a three-property multifamily portfolio totaling 301 units in Denver’s Cherry Creek neighborhood. The $56.4 million transaction included The Rise, The Edge and The Vue, the area’s last remaining large-scale, value-add communities.
Brokers David Potarf, Dan Woodward and Matthew Barnett represented the seller, Granite Peak Properties. Laramar Group, which sold a Tampa community for $97 million earlier this year, purchased the portfolio.
In need of a revamp
Built between 1965 and 1973, the three properties are located east of Colorado Boulevard and south of Cherry Creek Drive, within one block of each other. Although capital improvements have been made, only two percent of the apartments have been renovated.
The Rise has 137 units and is located at 878 S. Dexter St. The studio, one- and two-bedroom units averaging 1,004 square feet are spread across two seven-story buildings. Situated at 4600 E. Kentucky Ave., the 79-unit The Edge encompasses one-, two- and three-bedroom units in a five-story building, ranging from 719 to 1,016 square feet. The Vue has 85 units averaging 772 square feet and is situated at 4805 E. Kentucky Ave. Residents have access to the amenities of all three communities, including indoor and outdoor pools, 24-hour fitness center, dog run and several laundry facilities.
“The Cherry Creek value-add portfolio offered a true infill location and the opportunity to gain a significant market presence in one acquisition. The properties together provide one of the better amenity packages within the submarket, which will help unit renovations to achieve the highest rents possible,” Senior Vice President Barnett said, in a prepared statement.
Image courtesy of CBRE
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