Transwestern Brokers Denver Community Deal
Jeff Sanders acquired the two apartment communities totaling 429 units for $30.9 million. They were built between the 1960s and 1970s and are located in improving areas close to downtown Denver.
By Roxana Baiceanu
Transwestern’s Multifamily Investment Services Group closed on a two-community transaction in Denver on behalf of a private seller. The deal represents the sixth investment in the area done by Jeff Sanders, a Boulder, Colo.-based investor with Mountain View Capital, who paid $30.9 million for the 426 units. The buyer plans to bring significant improvements to both assets.
“These properties presented a compelling opportunity to realize substantial upside by upgrading the units and common areas,” said John Blackshire, a senior associate with Transwestern and one of the brokers in the deal, in prepared remarks. “Both properties are situated in improving areas that will receive significant activity once the renovations are complete.”
Value-add properties close to downtown
The deal involved Coronado Crossings and Valley Park Village Apartment. The first community, located at 7030 N. Pecos St., cost the investor $13.4 million and offers 193 apartments. The second community features 236 units in 14 buildings and was purchased for $17.5 million.
The assets were built in 1970 and 1962 and are located within a few miles from downtown Denver, an area which has seen a couple of large multifamily transactions lately. The other broker who facilitated the deal, Senior Vice President Tom Wanberg, said that “because of the protracted upswing of the multifamily market over the last eight years, these two properties were some of the last true value-add assets left to hit the market.”
Image courtesy of Transwestern