A three-building, 237-unit multifamily portfolio in Denver has sold to FPA Multifamily, LLC, a California-based multifamily investment firm, for an undisclosed price. The properties maintain high visibility on S. University Blvd. in Denver’s Observatory Park neighborhood, near the University of Denver.
Justin Hunt and Andy Hellman of CBRE represented the sellers and original owners of the properties, 2580 South University Company, LLC; 2550 South University Co.; and 2512 South University Co., in the transaction.
“These are three iconic buildings with incredible visibility, views in every direction and oversized balconies, built by acclaimed developer Roland Wilson,” said Hunt, a senior vice president at CBRE in Denver. “They have never traded in more than 50 years and sit in Observatory Park, one of Denver’s most desirable neighborhoods.”
The portfolio includes:
- Tabor House, 82 units at 2512 S. University Blvd. The property was built in 1967 and has eight stories with an average unit size of 882 sq. ft.
- Post House, 64 units at 2550 S. University Blvd. The property was built in 1974 and has 11 stories with an average unit size of 940 sq. ft.
- Heritage House, 91 units at 2580 S. University Blvd. The property was built in 1968 and has 10 stories with an average unit size of 874 sq. ft.
“We are extremely honored to have represented such a distinctive portfolio of assets and an ownership group whose legacy and contributions have significantly influenced the Denver community,” said Andy Hellman, a senior vice president at CBRE in Denver. “The portfolio has been meticulously maintained over the years, with each property thoughtfully designed around a unique historical theme that has resonated with residents and the wider market.”
Prior ownership recently renovated about a dozen units across the portfolio, leaving the new owner the option to update the remaining units over time. The units include air conditioning, a dishwasher and an oversized private balcony. All three buildings share a robust amenity package with classic charm, including a clubhouse, pool, sauna, community kitchen, billiards, ping pong table and parking garage, plus a fitness center at Tabor House and steam rooms at Heritage House and Post House.
