Denver Community Gets New Management
- Jun 06, 2019
Investors Management Group has selected the Laramar Group to manage the Boulder Crossroads Apartments, a 322-unit Class C community in Denver. Previously, ConAm Management was in charge of property operations.
The owner acquired the 1970-built garden-style community for $24.2 million from Bridge Investment Group in 2014, according to Yardi Matrix. Investors Management renovated the asset in recent years, modernizing amenities and updating individual units. The property’s amenity mix includes a volleyball court, a business center and two swimming pools, with laundry facilities in each of the 14 buildings.
Boulder Crossroads is located at 7500 N. Dakin St. in the Sherrelwood/Welby submarket, alongside U.S. Highway 25 and 8 miles north of downtown Denver. The neighborhood’s occupancy has fallen significantly in the last year, dropping to 94.1 percent as of April, according to Yardi Matrix data. Although developers and investors in Denver have taken notable steps to address a shortage of affordable housing in the metro, workforce and affordable housing occupancy continues to outperform higher-end assets in the submarket.
The Laramar Group continues to expand its management operations in Denver, and the firm also owns several assets across the metro. In December, the company acquired a 301-unit portfolio in the city’s Cherry Creek neighborhood for more than $56 million.