CBRE Facilitates Sale of Denver Communities
- Sep 07, 2018
CBRE has brokered the sale of two Denver-area multifamily assets on behalf of FPA Multifamily, seller and original owner of both properties. CBRE’s Dan Woodward, David Potarf, Matthew Barnett and Jake Young completed the transaction, which totaled $48.3 million. The brokerage team recently also facilitated the $12.4 million sale of a 50-unit affordable community in Basalt, Colo.
Summit Communities purchased The Croft for $21.5 million and, according to Yardi Matrix data, the deal was subject to an $18 million loan held by NXT Capital. Located at 7200 E. Evans Ave. in Southeast Denver, the asset is very close to several retail facilities and is within 10 miles of the city’s two largest employment centers—downtown and the Denver Tech Center. Of its 138 units, approximately 60 percent underwent recent renovations.
Completed in 1974 and located at 11501 Washington St. in Northglenn, The Oslo encompasses 180 units including one-, two- and three-bedroom floorplans across six three-story buildings. Skyline Real Estate Investments purchased the asset with a joint-venture equity partner for $26.8 million. The community, which underwent capital improvements over recent years, was 99.4 percent occupied at the time of sale.
“Value-add multifamily properties continue to be one of the most sought-after asset types across the entire real estate investment continuum. When you can find those properties in locations like The Croft and Olso, whether in-fill or a part of town experiencing new population and employment growth, it only serves to sweeten the offering and give the investor more confidence in his or her ability to improve returns,” Young said in a prepared statement.
Images courtesy of CBRE
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