Quad Property Group Enters Denver With Value-Add Play
The Thornton community traded for $25 million.
New York-based Quad Property Group has acquired a 100-unit community in suburban Denver for $25 million. The purchase of Oxford Pointe marked the company’s first transaction in Colorado. Crossbeam Capital was the seller, having acquired the property for $19.9 million in 2019, according to Yardi Matrix data.
Marcus & Millichap First Vice President of Investments Jason Hornik and Senior Associate Greg Parker from the company’s Denver’s office worked on behalf of the seller.
The property will go through a renovation plan and, according to Quad Property Group principal Jariel Bortnick, the company is planning to upgrade the interiors and to add a swimming pool and an outdoor kitchen.
READ ALSO: Top Western Markets by Investment Activity
Oxford Pointe is located at 300 Russell Blvd. in Thornton, Colo., and comprises one-, two- and three-bedroom units between 740 and 980 square feet. The property was 99 percent occupied at the time of the acquisition, according to Quad Property Group.
The nine-building asset was completed in 1973 and is situated on a 5-acre lot. Common-area amenities include a clubhouse, a swimming pool, playground area, laundry facilities, a pet park and 166 parking spots. The property is situated close to Interstate 26, less than 10 miles north of downtown Denver. The North Suburban Medical Center, Sunrise Village Shopping Center and other points of interest are located nearby.
According to a recent Yardi Matrix report, Denver rents are once again accelerating after a seasonal slowdown. On the investments side, some $1.5 billion in rental assets traded across the metro in the first four months of the year, on par with 2021’s volume.