TruAmerica Bets Denver Millennials Want to Live Its New Property
TruAmerica, which has been on a multifamily acquisition tear lately, has beefed up its holdings in Denver with the purchase of Veranda Highpointe Apartments, a 362-unit development in the city, from Forum Real Estate Group for $105M. TruAmerica senior managing director of acquisition Noah Hochman explains that the deal was an opportunity to acquire a high-quality asset in an infill location, built and priced to appeal to Denver’s largest demographic.
That is, Millennials, who make up about 40% of the Denver workforce and population. "Yet many of them have been priced out of most of the urban areas where young urban professionals typically want to live,” Noah says. At 6343 E Girard Place, Veranda Highpointe Apartments is 1.5 miles from the Denver Tech Center, and the Southmoor Light Rail Station is less than a half-mile from the property. TruAmerica's partner in the deal was Capri Capital Partners.