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Salt Lake City-based Bridge Investment Group has purchased Esprit at Cherry Creek in a deal valued at $93M.
Bridge purchased the 561-unit property at 5001 East Mississippi Ave. from Los Angeles-based TruAmerica Multifamily and Investcorp of New York.
“Esprit at Cherry Creek is among the largest value-add opportunities in Denver and is located within the highly sought Cherry Creek School District,” said CBRE Capital Markets Vice President David Potarf, who, with Dan Woodward and Matthew Barnett, represented the sellers. “With extensive capital projects completed by the seller, an investor can now focus on unit renovations and the potential for exceptional value-add returns.”
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Built in 1974, the one- and two-bedroom units are spread across nine buildings. Since acquiring the property three years ago, TruAmerica and Investcorp have improved the elevators, stairs, railings, exterior walkways and boilers. They also have replaced windows and made roof repairs. In addition, 297 of the apartments have been upgraded with new fixtures, countertops, flooring and appliances.
Community amenities at the property include a large private lake, a playground, a dog park, a sand volleyball court, a clubhouse, a pool and a fitness center.
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