Denver-based Summit Communities has purchased Boulder Crossroads Apartments, located at 7500 Dakin Street in Denver, for $55.5 million and plans to execute a strategic value-add renovation program at the property.
The 322-unit apartment community, built in 1970, is situated along Highway 36 in the northwest submarket of Denver. This location is uniquely desirable to residents seeking proximity to job centers and convenient access to Denver, Boulder and the northern suburbs. The undisclosed seller had performed light renovations prior to the sale, including updating the clubhouse and common areas.
The seller was represented in the sale by Bill Morkes and Craig Stack of Colliers International. Summit Communities was also procured by Colliers.
“We received multiple competing offers,” said Mr. Morkes. “Summit Communities was familiar with the neighborhood and confident in their ability to aggressively improve operations, which allowed them to make the best offer. They own similar assets northern Denver and their specific market knowledge was a deciding factor for the Seller.”
“It’s an ideal time to be a seller. Buyer demand is extraordinary, debt is near historic lows, and opportunities are few and far between” added Mr. Stack. “This aggressive pricing is indicative that buyers are willing to accept lower returns than in the past because they remain very bullish on the long term Colorado multifamily market.”
Photo courtesy of Colliers
