JV Grabs Denver Community for $66M
- Mar 14, 2018
Oak Coast Properties has sold the 418-unit One Dartmouth Place to a joint venture between Besyata Investment Group and The Scharf Group for $65.5 million. The seller acquired the Class B Denver multifamily asset for $30.6 million from Angelo Gordon & Co. in June of 2014, according to Yardi Matrix. BH Management will take over the management of the property.
Located at 11000 E. Dartmouth Ave. in the city’s Arapahoe-Southwest submarket, the single-building asset is positioned just off South Parker Road, within one mile of Interstate 225. Downtown Denver is approximately 10 miles to the northwest, accessible via an adjacent bus stop.
Constructed in 1977, the building contains two studio, 362 one-bedroom and 54 two-bedroom apartments. The new owners intend to renovate the property’s units gradually, building on the seller’s capital improvements. Current on-site amenities include:
- swimming pool
- business lounge
- 24-hour fitness center
- dog park
- basketball and racquetball courts
Image courtesy of Besyata Investment Group