Grand Peaks Acquires 220-Unit Southeast Denver Community

The property sold for $36 million, almost three times the price it traded for in 2012.
Monaco South

Capital Real Estate has sold Monaco South, a 220-unit community in Denver, to a partnership of Grand Peaks Properties and Aegon Asset Management for $36 million. Newmark Knight Frank represented the seller in the deal.

According to Denver County records, the buyer obtained $27.1 million in acquisition financing from Freddie Mac to finance the acquisition. The loan is set to mature in 10 years. Per Yardi Matrix data, the asset last changed hands in 2012, when Capital Real Estate purchased it from The Wolff Co. for 13.4 million.

Built in 1971, the property is located at 2280 S. Monaco Parkway on 7 acres. The community is 3 miles from The University of Denver, roughly 8 miles from downtown Denver and near various employment hubs, shopping centers and restaurants. Monaco South features one- and two-bedroom apartments, averaging 744 square feet. Amenities include two swimming pools, a business center and a gym.

Because only 15 percent of the units are renovated, the new owner plans a major upgrade for the community, according to NKF Vice Chairman Shane Ozment, who worked on behalf of the seller along with Vice Chairman Terrance Hunt, Executive Managing Director Justin Hunt and Senior Managing Director Andy Hellman. In October, the same brokerage team assisted Broadshore Capital Partners in the sale of a 161-unit community located less than 25 miles northwest of downtown Denver.