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San Francisco-based FPA Multifamily LLC has sold two metro Denver apartment communities for a total of $48.25M.
Littleton-based Skyline Real Estate Investments purchased The Oslo with a joint-venture equity partner for $26.75M, and Aurora-based Summit Communities LLC bought The Croft for $21.5M.
“Value-add multifamily properties continue to be one of the most sought-after asset types across the entire real estate investment continuum,” said CBRE Vice President Jake Young, who, along with Dan Woodward, David Potarf and Matthew Barnett, represented FPA Multifamily in the transactions. “When you can find those properties in locations like The Croft and Oslo, whether infill or a part of town experiencing new population and employment growth, it only serves to sweeten the offering and give the investor more confidence in his or her ability to improve returns.”
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Built in 1974, The Oslo is a 180-unit complex with one-, two- and three-bedroom apartments in six three-story buildings just south of the intersection of 120th Avenue and Washington Street in Northglenn. Capital improvements have been made to the property over the last few years, including new signage and exterior paint, common area upgrades, a new fitness center and HVAC and hot water system upgrades, as well as parking lot and landscape and irrigation upgrades. Two-thirds of the apartments also were recently upgraded.
The Croft, also built in 1974, is a 138-unit community that has studio, one- and two-bedroom apartments in two six-story buildings near the intersection of South Quebec Street and East Evans Avenue in southeast Denver. The Croft’s recent capital improvements included rebranding the complex with new signage, exterior paint and facade improvements, common area upgrades, including a new fitness center and HVAC system improvements. About 60% of the apartments have been renovated.
“The Oslo and The Croft’s recent capital improvement campaigns have already gone a long way to improve operational efficiencies and position these properties as stable cash-flow assets,” Young said. “By completing the renovation programs, the buyers have the opportunity to add even more value to their investment.”
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