Denver Community Trades for $26M
- Apr 05, 2019
Following the closing of two Orange County communities, CBRE has secured the sale of The Grammercy Apartment Homes, a 156-unit community in Denver. BH Acquisitions LLC purchased the asset for $25.8 million from FPA Multifamily LLC, which, according to Yardi Matrix data, acquired the property for $16.6 million in 2016.
Located at 9600 E. Girard Ave., in the northwest corner of East Hampden Avenue and South Dayton Street, the community offers convenient access to Hampden Shopping Plaza and Wells Shopping Plaza, as well as various dining, transportation and entertainment options including Heights Park, the Cherry Creek Trail and the Dayton RTD Light Rail Station.
The Grammercy Apartment Homes features a mix of studios, one- and two-bedroom units ranging from 440 to 873 square feet. According to Yardi Matrix data, the property had an average rental rate of $1,129 as of March and was 96.2 percent occupied as of February. Built in 1974, the 13-building, two-story community offers common-area amenities such as a fitness center, business center, playground, swimming pool, laundry facilities, clubhouse and TV lounge.
“The Grammercy is a well-maintained property located within a core Denver neighborhood with an established and successful renovation program to build from,” David Potarf, executive vice president at CBRE, said in a prepared statement. “Its infill location provides convenient access to shopping, dining, entertainment and majors employers in the DTC area.”
The community was recently renovated and upgrades include a remodeled clubhouse, new fitness center and playground equipment, improved landscaping and irrigation, as well as improvements to approximately two thirds of the units.
CBRE’s David Potarf, Dan Woodward, Matthew Barnett and Jake Young were part of the team that represented the seller.