Centrally Located Apartment Community in Denver Sells for $36M
Denver-based Grand Peaks Properties, Inc. in partnership with Aegon Asset Management has purchased Monaco South, a 220-unit, multifamily property located at 2280 South Monaco Parkway in Denver. Comprised of two solidly constructed concrete mid-rise assets, Monaco South sold for $36 million or $163,636 per unit.
Newmark Knight Frank (NKF) Vice Chairmen Shane Ozment and Terrance Hunt, Executive Managing Director Justin Hunt and Senior Managing Director Andy Hellman represented the seller, Capital Real Estate, LLC (CRE), a Denver-based real estate investment firm specializing in the acquisition, management and disposition of multifamily real estate investments.
“Monaco South offered investors the opportunity to acquire an asset with proven upside potential, centrally located between several employment hubs and retail options, in a strong multifamily market,” stated Ozment. “With only 15 percent of the units currently renovated, the new owner, Grand Peaks, plans a complete renovation of Monaco South for a significant increase to the asset’s bottom line.”
Constructed in 1971, Monaco South offers an attractive mix of one- and two-bedroom apartments averaging 744 square feet. Situated on 7.03 acres, the apartment community’s density is 31.29 units per acre. Community amenities at Monaco South include two pools, a clubhouse, fitness center, playground, business center, elevators and covered parking. Renovated units feature stainless steel appliances, new laminate flooring, modern lighting and brushed nickel fixtures
Grand Peaks consists of two vertically integrated companies founded by the Simpson family in 2003. The Simpson family’s multifamily expertise spans three generations back to Harold Simpson, founding Simpson Housing in 1949. Grand Peaks Property Management, Inc. was originally created to oversee property management of the Simpson family’s private multifamily portfolio. Luke Simpson, CEO, and Nick Simpson, president, founded Grand Peaks Properties, Inc. to continue the family legacy of acquiring, renovating, and developing multifamily assets in core markets across the nation. Grand Peaks has since grown into a multi-billion-dollar company with properties and offices in Seattle, Washington; Portland, Oregon; Denver, Dallas and Fort Worth, Texas; and Miami and Fort Lauderdale, Florida.