Apartment Community in Northglenn Sells for $44M
San Diego-based Pathfinder Partners has acquired Echo Ridge at North Hills, a 168-unit apartment community in Northglenn, for $44.05 million.
Located at 11450 Melody Drive, Echo Ridge offers a mix of spacious one- and two-bedroom units averaging 895 square feet. The property was built in 1999, and more than half of the units were renovated by the seller prior to the sale.
CBRE’s Dan Woodward, David Potarf, Matthew Barnett and Jake Young represented the seller, Griffis Blessing, of Colorado Springs and LEM Capital, based in Philadelphia, Penn., in the transaction. CBRE Capital Markets’ Debt & Structured Finance arranged the financing for the acquisition.
“Echo Ridge at North Hills attracted investor interest thanks to its strong historical performance and its location in a thriving North Denver suburb. The property also offers proven renovation upside and ample remaining value-add potential,” said Mr. Potarf.
The property is situated along the I-25 corridor in Northglenn, providing access to large nearby employers and the major employment hubs of Boulder, Broomfield and downtown Denver. Community amenities include a swimming pool, barbecue and picnic areas, fitness center and clubhouse. There are nearly 4 million square feet of retail, dining, and entertainment options located within a 15-minute drive of the property, including the Denver Premium Outlets and Orchard Town Center. The property is also located less than five minutes from the Northglenn Civic Center redevelopment project, which will include a redesigned recreation center, public theater and space for concerts and events, upon completion.
Photo courtesy of CBRE