Quinlan Development Group and Leetsdale Acquisition Partners, LLC, a Colorado-based partnership of principals with decades of experience developing, renovating and managing multifamily properties in Colorado, have announced the $32.5 million acquisition of The Atrii Apartments, a 197-unit multifamily property located at 5100 Leetsdale Drive in Glendale. The transaction was a short sale representing a $17.1 million discount from its previous sale in 2021.
Quinlan Development Group and Leetsdale Acquisition Partners, LLC represented themselves in the transaction. Andy Hellman, senior vice president at CBRE, and Justin Hunt, senior vice president at CBRE represented the seller, Montgomery Partners, a California investment firm.
“We are very excited to expand our operations into the Denver market, a region that continues to experience strong job and population growth, and one that we have been looking to invest in for some time,” said Tim Quinlan, principal at Quinlan Development Group. “We look forward to working with our partners at Leetsdale to make The Atrii a welcoming home as well as continue to expand our footprint in the Denver market.”
Originally built in 1974, The Atrii Apartments offers 197 units, a mix of 141 one-bedroom and 56 two-bedroom residences. In addition to the acquisition, ownership will be rebranding, renaming, and making a variety of enhancements to the property including upgrading unit interiors, resident amenity spaces and common areas. Colorado-based, Urban Phenix will serve as the property management entity at the property.
Located at the crossroads of two prime Denver neighborhoods, Glendale and Cherry Creek, the building provides quick access to a myriad of dining, shopping and entertainment offerings, and contributes to the renaissance currently taking place in Glendale including the Four Mile District and Newberry Site currently underway adjacent to The Atrii.
