Summit Communities Closes $29M Denver Disposition
- Jun 07, 2021
The Croft Apartments, a 138-unit value-add community in Denver, has traded for $29.4 million. Willow Creek Partners acquired the property from a joint venture between Summit Communities and DVO Real Estate.
Newmark provided the buyer with a seven-year, $21.8 million Freddie Mac loan, Yardi Matrix data shows. CBRE represented the seller.
The Croft’s two six-story buildings opened in 1974. The property offers a mix of recently updated one- and two-bedroom apartments with floorplans between 520 and 1,140 square feet. The pet-friendly community has a heated indoor pool and a fitness center.
Located 8 miles southeast of downtown at 7200 E. Evans Ave., the community is alongside the Highline Canal Trail, directly opposite The Central Park Shopping Center. Interstate 25, less than 2 miles west, connects the property to the Denver Tech Center, 6 miles south.
Dan Woodward, David Potarf, Matt Barnett and Jake Young with CBRE Capital Markets represented the seller. In November, the same team facilitated a $40.6 million sale in Denver’s north suburbs.