A California apartment owner has gobbled up nearly 500 more Denver apartments.
Fowler Property Acquisitions bought the Water’s Edge and Hunter’s Ridge apartments on West Hampden Avenue last week for a combined $64 million. They’re the second and third Denver complexes Fowler has purchased this year after buying the Station at Highline on Evans Avenue in February.
The Water’s Edge apartments are on the Jefferson County line at 6301 W. Hampden Ave. Its 230 apartments are split among 10 buildings. Onsite leasing representatives said a one-bedroom apartment runs between $980 and $1,000 per month.
At a sales price of $30 million, Water’s Edge traded for about $130,400 per door.
Hunter’s Ridge is just east of Water’s Edge at 3481 Fenton St. It’s also a cluster of 10 buildings with a total of 240 apartments. A Hunter’s Ridge rate sheet pegs one-bedroom apartments between $1,020 and $1,150 for recently renovated units. The two-bedroom units range from $1,250 to $1,350 per month.
Built in 1984, Hunter’s Ridge is about five years newer than Water’s Edge and sold for $33.95 million. That figures to about $141,450 for each apartment.
The deals closed on March 14. Fowler bought the buildings from Littleton-based Asher Investments. That’s the same firm that sold Fowler the Station at Highline property. Fowler financed its latest buys with a loan from Berkadia Commercial Mortgage.
Fowler bought the property as part of a $1.4 billion fund that has gobbled up 16 apartment complexes nationwide since 2015, including at least five others in Colorado.
The fund’s objective, according to Fowler’s website, is to buy and renovate buildings, pick up distressed properties or acquire buildings in recovering markets. Fowler aims to hold buildings in this portfolio for between four and 10 years.