235-Unit Apartment Complex in Cherry Creek School District Sells for $46.2M
Los Angeles-based Marble Partners has purchased Torrey Pines, a 15-building, 235-unit apartment community located at 7575 East Arkansas Avenue in Denver, for $46.2 million.
Dan Woodward, David Potarf and Matt Barnett with CBRE Capital Markets in Denver represented the seller, Vukota Capital from Greenwood Village.
“Torrey Pines is well positioned for a comprehensive value-add program. The property includes modern features that differentiate it from competitive properties within the submarket, such as a washer/dryer in nearly every unit and vaulted ceilings on the second floor. It is also located in an area that will face little competition from new construction as eastern Denver’s multifamily
development pipeline is limited compared to overall metro Denver,” stated Mr. Barnett, senior vice president, CBRE.
Built in 1980, the 203,640-rentable-square-foot apartment community is located at the intersection of East Florida Avenue and Quebec Street, just south of the Lowry redevelopment and east of Cherry Creek.
Torrey Pines sits on 11.36 acres and includes 58 covered parking spaces and 353 open parking spaces. Recent capital improvements include all new roofs, fully renovated clubhouse, upgraded fitness center, exterior pool upgrades and a fenced dog park.
Marble Partners is a real estate investment company that acquires value-add multifamily assets in high growth primary and secondary markets across the U.S.