Chicago-based Investment Company Purchases Value-add Multifamily Property in Glendale
DENVER – A 132-unit multifamily community called The Helix, located at 1017 South Birch Street in southeast Denver’s Glendale neighborhood, has sold for an undisclosed amount. The sale attracted a lot of investor interest as a value-add opportunity and it’s prime location in urban Glendale/Cherry Creek area.
Laramar Group of Chicago, a national investment and property management company headquartered in Chicago with regional offices in Denver, purchased the property, a vertically integrated, principal investment organization based in San Francisco with six additional regional offices including Denver. The company operates a portfolio of approximately 25,000 apartment units valued at $3.5 billion.
“The Helix is a value-add investment opportunity made all the more appealing and rare because of its Glendale/Cherry Creek location. Opportunities in core Denver areas attract a highly aggressive buyer pool because both the near- and long-term investment outlook is so strong,” said Jake Young, vice president, CBRE Capital Markets, Multifamily Investment Properties.
Built in 1974, the Helix includes two six-story, mid-rise, concrete-construction apartment buildings offering studio, one-and two-bedroom floor plans. Prior to selling the property, FPA Multifamily underwent an extensive capital improvement campaign that included a complete re-brand, new exterior paint, common area upgrades and renovations on approximately 60 percent of the units.
In addition to Helix, Lamar Group owns 15 multifamily properties in the Denver area. Laramar’s plans for Helix include continuing unit renovations and improving operational efficiencies.
“This is a great addition to Laramar’s growing Denver portfolio. The property is minutes to the Cherry Creek Shopping District and is centrally located between Denver’s two largest employment centers, downtown Denver and the Denver Tech Center. The buildings are concrete construction with great unit layouts, large private balconies and plenty of parking,” said Josh Mullins, vice president at Laramar Group.
“Helix is a strategic addition to Laramar’s growing core Denver portfolio, providing further diversification within the metro while offering a quality mid-rise product,” added David Potarf, executive vice president, CBRE Capital Markets, Multifamily Investment Properties.
The Helix is located across from Infinity Park and within walking distance of the Colorado Boulevard retail corridor, the Cherry Creek business district and the proposed Glendale
180 redevelopment. The Cherry Creek Regional Trail is less than half a mile away, and both downtown Denver and the Denver Tech Center are within a 15-minute drive.
The Helix was 96-percent occupied at the time of sale.
Photo courtesy of CBRE