Multifamily Property in Arvada Sells to California Investment Firm
Orion Real Estate Partners, a Los Angeles-based multifamily investment firm, has purchased 52nd Marketplace, a five-building, 157-unit multifamily community in Arvada.
Located at 7797 West 52nd Avenue, 52nd Marketplace was originally constructed in 1974 in the west Denver suburb of Arvada. Approximately 50 percent of the units had been upgraded prior to the recent sale of the property, and Orion will spend an additional $1.8 million on future improvements to finish the renovations and enhance the property’s amenity package. The unit mix consists of one-bedroom and two-bedroom apartments with an average size of 683 square feet.
The community is within walking distance of Olde Town Arvada, a pedestrian-friendly retail area that is listed on the National Register of Historic Places and is comprised of an eclectic mix of locally owned shops, restaurants, boutiques and breweries. Olde Town Arvada also boasts an RTD light rail station, which provides convenient commuter access to Downtown Denver via the Gold Line with Union Station only five stops away. In addition, the property is located in close proximity to the interchange between I-70 and I-76, two major freeways that connect Arvada to the rest of the Denver metropolitan area.
“The Orion team brings significant value to 52nd Marketplace with their reputation and experience in the market as well as a strong business plan,” said Mr. Peterson. “Orion will continue the value-add strategy of renovating units and focus on updating the property’s amenities.”
Photo courtesy of CBRE