Englewood Apartments Fetch $29.9M
Brix on Belleview, a 175-unit multifamily property located at 175 West Belleview Avenue in Englewood, has sold for $29.9 million.
Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE’s Denver office represented the seller. Denver-based real estate investment and development firm Riverpoint Partners along with CentrePointe Properties, a Denver investment firm, purchased the property in a sale that closed Jan. 31.
“We saw interest from a wide variety of investors on this property, from local to coastal, cash flow to value-add, and private/1031 exchange to institutional. Brix on Belleview’s size, vintage and location were all appealing, as was the fact that the seller had maintained the property well and invested in strategic capital improvements that left plenty of upside for a buyer,” stated Mr. Young.
Brix on Belleview, built in two phases between 1962 and 1971, offers studio, one-, two- and three-bedroom apartments. Over the past five years, the property has seen more than $1.5 million in capital improvements, including new roofs, new boilers, a new ground-up office/clubhouse, extensive pool area remodel, exterior paint with new metal facades, new signage, improved exterior lighting, new barbecue grills, new windows and a resurfaced parking lot.
The 117,580-square-foot property, which includes 11 buildings and 206 parking spaces, sits within walking distance to several retail and entertainment options, including a newly built Sprouts-anchored shopping center, a new Chuze Fitness location and eight restaurants.
Brix on Belleview is located at the intersection of West Belleview Avenue and South Acoma Street, one block west of South Broadway, in south central metro Denver. The property is less than 15 minutes away from the Littleton/Downtown Light Rail Station, River Point at Sheridan and Swedish Medical Center. Approximately 50,000 cars pass the Broadway/Belleview intersection daily.
Photo courtesy of CBRE