A San Diego-based real estate firm has added $45 million worth of Denver apartments to its portfolio.
The ConAm Group bought PeakView Place, a 296-unit apartment complex at the Denver Tech Center, last month for $45.5 million. The deal closed on March 31, and ConAm has another $5.5 million in improvements planned for the property.
In a company press release, ConAm Chief Investment Officer Rob Singh said PeakView’s location within a half-mile of a light rail station and 1 mile from Interstate 25 made the complex an attractive acquisition target.
Singh could not be reached for further comment Monday afternoon.
Denver-based Aimco Apartment Homes previously owned PeakView. The complex totals 24 buildings stretched across 14 acres, according to Arapahoe County property records. Amenities at PeakView include a pool, spa and fitness center.
ConAm is planning on building a new leasing office, adding exterior siding, renovating building interiors and upgrading the landscaping at PeakView.
The acquisition pushes ConAm’s total Colorado portfolio to about 5,500 apartment units, according to the press release, including complexes it both owns and manages.