Transwestern’s Tom Wanberg and John Blackshire represented the undisclosed seller in the dispositions.
“These properties presented a compelling opportunity to realize substantial upside by upgrading the units and common areas,” said Blackshire. “Both properties are situated in improving areas that will receive significant activity once the renovations are complete.”
Acquired for $13.4 million, Coronado Crossing consists of 193 units built in 1970. At 7030 N. Pecos St., the community is less than 15 minutes from Downtown Denver.
Valley Park Village Apartments was completed in 1962 and purchased for $17.5 million. This 236 unit community is located at 645 Wolff St., and consists of 14 buildings on 16.22 acres.
“It can be difficult for investors to purchase large 1970s apartment communities that haven’t experienced significant rehab,” said Wanberg. “Because of the protracted upswing of the multifamily market over the last eight years, these two properties were some of the last true value-add assets left to hit the market.”
With these two acquisitions, the new owner now has six properties in the Denver area.
Image of Valley Park Village Apartments, courtesy of Google Maps.