The Grammercy Apartment Homes in SE Denver Sell for $25M
DENVER – BH Acquisitions LLC has acquired The Grammercy Apartment Homes located at 9600 East Girard Avenue in southeast Denver for $25.8 million.
David Potarf, Dan Woodward, Matthew Barnett and Jake Young of CBRE represented the seller, FPA The Glen, LLC, of San Francisco, an affiliate of FPA Multifamily LLC. The Carmel, IN-based buyer purchased the 156-unit multifamily community in a sale that closed March 29.
“The Grammercy is a well-maintained property located within a core Denver neighborhood with an established and successful renovation program to build from” said Potarf, executive vice president at CBRE. “Its infill location provides convenient access to shopping, dining, entertainment and majors employers in the DTC area.”
Built in 1974, The Grammercy includes 156 studio, one and two-bedroom units across 13 rental buildings on 5.33 acres. Recent capital improvements include a remodeled clubhouse, new fitness center and playground equipment, improved landscaping and irrigation, and common area and system upgrades. The community also offers an outdoor pool and deck, laundry facilities, reserved parking and a parcel packaging system. Approximately two-thirds of the apartments have recently been upgraded with new appliances, flooring, fixtures, hardware, interior paint and resurfaced countertops.
“The sellers invested in significant capital improvements over the past several years, positioning The Grammercy to compete at a high level for years to come,” added Young, first vice president, CBRE,
The property is located on the northwest corner of East Hampden Avenue (Highway 30) and South Dayton Street. Hampden Shopping Plaza and Wells Shopping Plaza are directly across Dayton Street, while Hampden Heights Park, the Cherry Creek Trail and the Dayton RTD Light Rail Station are also within walking distance.
Photo courtesy of CBRE