The year’s largest apartment complex sale in Arapahoe County to date closed last month for $97 million.
Los Angeles-based CBRE Global Investors purchased a 438-unit, two-building complex in Englewood for $221,461 per unit, according to county records.
Stephen Gullo, who heads multifamily acquisitions at the firm, said the 16-year-old development caught CBRE’s attention for its large floorplans and location near Englewood Station for light rail commuters.
“Denver is a market that we’ve continued to target given all of the population inflows and some of the strongest employment growth in the country,” Gullo said.
CBRE purchased the property, previously called Alexan CityCenter, on April 14 from Hartford, Connecticut-based UBS Realty Investors. Acting as SPUS8 Englewood, CBRE Global Investors took out a loan for $64.4 million from another CBRE entity, CBRE Capital Markets, in concert with the trade, property records show.
An on-site leasing agent at the complex, which CBRE dubbed ArtWalk at CityCenter, quoted 12-month lease rates on one-bedroom apartments between $1,300 and $1,400 a month. Gullo said the property was 6 percent vacant at closing.
CBRE will start to renovate common areas within six months, Gullo said. It then plans to replace appliances and finishes inside apartments. The company is budgeting renovation costs of $10,000 for each apartment unit, and more than $1 million for common spaces.
UBS purchased the property at 801 Englewood Parkway for $50.6 million in 2003, Arapahoe County records show.