A 325-unit apartment portfolio in Southwest Denver has sold for $56.5 million. The portfolio comprises six properties: The Amherst, Federal Terrace, Autumn Ridge, Pinecrest Apartments, Elm Creek Apartments, and The Hill Apartments. All six apartment assets are located along S Federal Blvd and were approximately 96 percent occupied at the time of closing.
The Capstone Apartment Partners brokerage team was led by Jason Koch, Adam Riddle, Sean Holamon, and Austin Smith, who sold the property on behalf of a group of investors connected through Abiete Real Estate LLC. Capstone ran a full marketing process for the sale of this portfolio and after receiving over a dozen offers, determined Monarch Investment and Management Group to be the best fit for the seller’s goals with the disposition.
The Seller, Abiete Real Estate LLC said, “We put this portfolio together over several years with the thought process of having more economies in one neighborhood leads to management efficiencies. It is great to see it come to fruition as being valuable to a larger ownership group on the back end. For us, although we still believe in the South Federal corridor, this sale is a chance to re-leverage our equity into a variety of assets and locations around the country.”
Monarch plans to leverage its respected brand and management systems to optimize the performance of the asset portfolio. Additionally, a goal is to leverage the increasing demand of workforce housing in the Southwest Denver area, benefitting from the walkability and new jobs being created by the new Loretto Heights development.
Capstone was grateful for the opportunity to service this portfolio sale and arrive at a mutually beneficial closing that hopefully supports the continued success of both ownership groups.
Photo courtesy of Capstone