Cherry Creek Multifamily Portfolio Sells For $56.35M
Chicago-based Laramar Group has purchased a three-building multifamily portfolio in Denver’s Cherry Creek neighborhood for $56.35M.
The portfolio includes The Rise at Cherry Creek at 848 South Dexter, The Edge at Cherry Creek at 4600 East Kentucky Ave. and The Vue at Cherry Creek at 4805 East Kentucky Ave. The portfolio is one of the immediate area’s last large-scale value-add offerings.
“The Cherry Creek value-add portfolio offered a true infill location and the opportunity to gain a significant market presence in one acquisition,” said CBRE Senior Vice President Matthew Barnett, who represented seller Granite Peak Properties of Santa Barbara, California. “The properties together provide one of the better amenity packages within the submarket, which will help unit renovations to achieve the highest rents possible.”
All three properties were built between 1965 and 1973, offering a combined 302 units across five buildings on a total of 5.23 acres. They are within one block of each other, and residents at each property have access to the amenities of all three communities, including indoor/outdoor pools and hot tubs, a 24-hour fitness center and a dog run. Significant improvements have been made to the communities, but only 2% of the units have been renovated.
“As many comparable properties in the immediate area have already been renovated and are achieving higher rents, this was the last large-scale concentration of apartments available for a proven value-add renovation program,” said CBRE Executive Vice President David Potarf, who, with Barnett and Dan Woodward, represented Granite Peak. “Rental demand in the area will remain strong compared to homeownership as supply of for-sale homes is extremely limited and single-family homes in the vicinity are among the most expensive in the metro area.”