Ventana Apartments in Denver Sell for $53.7M
The Ventana apartments located at 5095 East Donald Avenue in Denver, have sold for $53.7 million.
David Potarf, Dan Woodward and Matthew Barnett with CBRE Capital Markets in Denver represented the seller, Cypress Equities of Los Angeles. The buyer, Indianapolis-based Birge & Held, purchased the property in a sale that closed August 22, 2019.
“The buyer was attracted to Ventana for several reasons including the infill location near jobs and the opportunity to add value through interior renovations,” said David Potarf, executive vice president, CBRE. “Multifamily vacancy in the south Denver submarket is among the lowest in the Denver metro, and with no new apartment construction in queue, demand for properties like Ventana is anticipated to remain high.”
Built in 1971, Ventana includes 300 units totaling 230,800 rentable square feet across 11 rental buildings on nearly 11 acres. Units range from studios to three-bedroom apartments with an average size of 769 square feet. Prior to its sale, Cypress Equities had renovated approximately 39 percent of the units with upgraded flooring, cabinets, fixtures and appliances. Community amenities include a fitness center, clubroom, dog park, indoor swimming pool and basketball court.
Ventana is located along I-25 just south of Cherry Creek and east of the University of Denver. Two light rail stops, the Colorado and Yale Stations, are within one mile of the property.