Denver – Transwestern’s Denver Multifamily Investment Services Group today announces the sale of two apartment communities totaling 429 units. Jeff Sanders, a Boulder-based investor with Mountain View Capital LLC, acquired both properties for a total of $30.9 million. Transwestern’s Tom Wanberg and John Blackshire represented the undisclosed seller in the dispositions.
“These properties presented a compelling opportunity to realize substantial upside by upgrading the units and common areas,” said Blackshire. “Both properties are situated in improving areas that will receive significant activity once the renovations are complete.”
Acquired for $13.4 million, Coronado Crossing consists of 193 units built in 1970. At 7030 N. Pecos St., the community is less than 15 minutes from downtown Denver.
Valley Park Village Apartments was completed in 1962 and purchased for $17.5 million. This 236-unit community is located at 645 Wolff St., and consists of 14 buildings on 16.22 acres.
“It can be difficult for investors to purchase large 1970s apartment communities that haven’t experienced significant rehab,” said Wanberg. “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.”
With these two acquisitions, the new owner now has six properties in the Denver area.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Denver office, follow @TranswesternCO.