Starwood Sells Denver-Area Multifamily Property
- Aug 21, 2019
IMT Capital LLC has purchased The Savoy at Dayton Station Apartments, a 612-unit community in the Denver area, from Starwood Capital Group. IMT Capital, which will rename the property IMT Dayton Station, did not disclose a purchase price. An NKF team of Terrance Hunt and Shane Ozment represented Starwood in the deal.
IMT Capital secured a $108.2 million Freddie Mac loan for the purchase, which was originated by CBRE Capital Markets, according to Yardi Matrix data. The 7-year loan matures in September 2026.
READ ALSO: IMT Capital Buys Denver Apartments for $120M
Located at 3645 South Dallas St. in the Denver suburb of Aurora, Colo., IMT Dayton Station was built in two phases—the first in 2001 and the second in 2012. Situated on 15.7 acres, the community is spread across 29 buildings and houses a mix of studio, one-, two- and three-bedroom apartments with an average size of 940 square feet.
Apartment interiors feature nine-foot ceilings, walk-in closets, full-size washers and dryers and private patios/balconies. Resident amenities at the property include a fitness center, business center, clubhouse, 3 swimming pools, 3 spas, two laundry facilities and 913 parking spaces.
The property is located about 11 miles from downtown Denver and is close to John F. Kennedy Park, Hampden Heights Park, Denver Tech Center and major thoroughfares including interstates 25 and 225.
Denver’s multifamily market has continued its hot streak this year, bolstered by a strong job market and population gains, according to a recent Yardi Matrix report. In June, Inland Private Capital Corp. sold a three-property residential portfolio in the Denver suburbs for $207 million. The investment sales market in the metro experienced more than $1.6 billion in multifamily transaction volume from January to May of 2019.