CIM Group Acquires One of Denver’s Largest Multifamily Properties
CIM Group has acquired The Lex at Lowry, one of only seven apartment properties with more than 700 units in the Denver metropolitan area. The 710-unit apartment community is set on approximately 26 acres located at 240 S. Monaco Pkwy. in Denver. The acquisition expands CIM Group’s Denver-area residential portfolio to more than 1,300 units. A sales price was not disclosed.
Originally built in 1972, The Lex at Lowry comprises 24 buildings, a combination of townhome and mid-rise units, and 1,204 parking stalls. The property has a central location between Lowry and Cherry Creek on Denver’s east side. Today the Lowry area is a desirable community featuring a mix of single family and multifamily housing, a variety of retail and restaurant options, office space, and more than 800 acres of recreational facilities and open space.
“CIM Group’s team has deep experience with well-located, significant multifamily communities in markets across the country which it brings to the ownership and operations of The Lex at Lowry. With a prominent location in a thriving metropolitan market, nearby business centers and regional transportation, The Lex at Lowry provides quality housing for this dynamic area which aligns with CIM Group’s community focus,” said Shaul Kuba, co-founder and principal at CIM Group.
The Lex at Lowry offers a range of residences from one- to three-bedroom apartments and townhomes, configured in an array of spacious floor plans. It also provides residents with highly sought-after community amenities including multiple swimming pools, tennis courts, a yoga and spin studio, a racquetball court, an indoor basketball court, fitness center, and business and conference facilities.
CIM has been an active owner, developer, and operator in Denver for more than 10 years. CIM’s Denver portfolio includes 9th+Co, an urban infill mixed-use project with a variety of retail, restaurants and entertainment alongside residential options including the 275-unit Theo and 319-unit Milo apartment buildings, and Ella CityHomes at 9th+Co, a collection of 35 for-sale luxury townhomes. CIM also owns and operates LoDo Towers, two high-rise office buildings totaling approximately 421,000 square feet in lower downtown Denver.
Photo courtesy of CIM