Denver Affordable Housing Property Sells for $29.5M
According to Berkadia, Residences at University Hills, a 62+ adult apartment community, consisting of 101-unit affordable and market-rate units in the University Hills neighborhood, has sold for $29.5 million to Denver-based Anchor Investments.
Senior Directors Nick Steele and John Laratta, Directors Tyler King and Nate Moyer of Berkadia Denver, and Senior Managing Directors Jeff Irish and Brandon Grisham and Director Jordan Skyles of Berkadia Boise completed the sale on behalf of the seller, headed by The Burgwyn Company, LLC.
“The Burgwyn Company developed an incredible property that was well received by the market,” said King. “Despite choppy market conditions, the asset garnered significant institutional and private client interest. We’re grateful to the buyer and seller for a smooth execution.”
Located at 2775 S Brook Drive and constructed in 2014, the property features one- and two-bedroom floor plans with in-unit washers, dryers, and walk-in closets. Community amenities include a fitness center and an outdoor barbecue area. Residents are afforded convenient access to Cherry Creek, Cherry Hills Village, Porter Adventist Hospital and the Schlessman YMCA.
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