BrokerageMultifamily

Glendale Apartment Community Sells for $93M

DENVEREsprit at Cherry Creek, a multifamily community located at 5001 East Mississippi Avenue in Denver’s Glendale/Cherry Creek neighborhood has sold for $93 million.

Espirit was built in 1974 and consists of 561 one and two-bedroom unit apartments across nine rental buildings.

Dan Woodward, David Potarf and Matthew Barnett with CBRE represented the seller, a joint venture between Los Angeles-based TruAmerica Multifamily and Investcorp of New York. The buyer, Bridge Investment Group of Salt Lake City, purchased the property in a sale that closed Sept. 28, 2018.

The property has received significant capital investment since its acquisition three years ago, including elevator, stair, railing and exterior walkway improvements, boiler and window replacements and roof repairs. In addition, 279 of the apartment units were also upgraded.

“Esprit at Cherry Creek is among the largest value-add opportunities in Denver and is located within the highly sought Cherry Creek School District. With extensive capital projects completed by the seller, an investor can now focus on unit renovations and the potential for exceptional value-add returns,” said David Potarf, executive vice president with CBRE Capital Markets’ Multifamily Properties in Denver.

Photo courtesy of CBRE

 

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