328-unit Apartment Community in Denver Sells for $99.25M
Lugano Cherry Creek, a 328-unit multifamily property located at 9601 E. Iliff Avenue in Denver, has sold for $99.25 million, or $302,591 per unit. Built in 2010, the five-story wrap building includes 13,262 square feet of retail.
Newmark Knight Frank Vice Chairmen Terrance Hunt and Shane Ozment represented Toronto-based Brass Enterprises in the sale to Minneapolis, Minnesota based IRET. Brass Enterprises is a Canadian private investment group with multifamily assets in high growth markets throughout the United States. The purchaser, IRET, is a listed REIT with more than $1.8 billion in multifamily assets across the Midwest.
“This is a rare opportunity to provide slight modifications to the well-constructed asset that even now features large units with modern touches and full amenities,” according to Hunt. “You can count on one hand the amount of apartment properties
built in 2010 for metro Denver, therefore, this is a unique value-add for an investor.”
“Our purchase of Lugano is a continuation of our strategic growth initiatives in Denver. With its large units, wrap construction, two structured parking garages and outdoor green space, Lugano is well positioned in its submarket,” shared IRET Senior Vice President Grant Campbell. “Through implementation of select value-add and operational initiatives, we will be able to enhance the resident experience and position our organization for long-term growth potential.”
According to Ozment, Lugano Cherry Creek is surrounded by several of metro Denver’s largest employment centers, and feeds into the top-rated Cherry Creek School District. Community amenities at Lugano Cherry Creek include an outdoor resort-style swimming pool and spa with heated deck, 24-hour fitness center, expansive 4.5-acre private park, outdoor lounge with a fire pit and two structured parking garages. The property boasts a desirable unit mix with spacious floor plans, 9’+ ceilings and a patio or balcony on every unit and select loft units.
Photo courtesy of NKF