Jacobson Co. Pays $41M for Denver Community
- Nov 22, 2018
The Modern, a 230-unit garden-style community in Denver, has traded for $41.3 million. CBRE’s Dan Woodward, David Potarf, Matthew Barnett and Jake Young secured the sale on behalf of the seller, Fowler Property Acquisitions. Los Angeles-based Jacobson Co. acquired the asset.
Located on approximately 8.3 acres at 6301 W. Hampden St., the community provides convenient access to Highway 285, downtown Denver—roughly 10 miles southwest—and to Denver Tech Center. Additionally, Bear Valley Shopping Center, including a mix of dining, grocery and retail venues, is also nearby.
Built in 1979, the 10 two- and three-story buildings feature one- and two-bedroom units ranging from 700 to 1,000 square feet. Common-area amenities include:
- swimming pool
- fitness center
- tennis court
- volleyball court
- 10 laundry facilities
- business center
- lounge area
“The seller had completed a terrific rebranding of the community and renovated 60 percent of the units with new appliances, flooring, paint, light fixtures and hardware, and resurfaced counters,” Jake Young, first vice president at CBRE, said in a prepared statement.
According to Yardi Matrix, the property last changed hands in 2016 when FPA Multifamily purchased it for $30 million, or $130,434 per unit. In another recent deal, CBRE secured the $56.4 million sale of a three-property portfolio in Denver’s Cherry Creek neighborhood.
Image courtesy of Yardi Matrix
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