Denver-based RedPeak has purchased the Safari Club Apartments building, located at 990 Logan St. in Capitol Hill, for $16.8 million, according to property records. The sale marks the third property the company has purchased in recent months.
Previous ownership had invested almost $400,000 in recent capital improvements in the past year. Improvements included; the roof, boiler, parking lot repair/striping, pump for the pool, elevator, and much more. These improvements significantly mitigate future capital requirements.
The nine-story, 66-unit building is one of several apartment properties within a few blocks of 990 Logan St. Earlier this year, RedPeak also purchased 180 Flats, 848 S. Dexter St., for $26.75 million, as well as portfolio of six multifamily properties for $39 million.
Last year, RedPeak bought a total of 501 units in Denver for $116 million but also sold 1600 Glenarm.
RedPeak acquires, develops, and manages apartments in Denver and along Colorado’s Front Range. Its portfolio includes more than 20 apartment communities located in the most desirable neighborhoods.
