Colorado-Real-Estate-Journal_286633

Page 14 - June 15-July 5, 2022 www.crej.com Multifamily Syndications Entity Formation Leasing Construction Financing Land Use Water Law Foreclosure Litigation Dispute Resolution Oil and Gas Contact: Jonathan Goodman or Karen Radakovich www.frascona.com | jon@frascona.com | karen@frascona.com 4750 Table Mesa Drive, Boulder, CO 80305 | (303) 494-3000 We recommitted to improving the experience for all our partners. That means providing creative underwriting to close even the most complicated deals, building stronger relationships, collaborating more and delivering solutions that move your transactions forward. A Partnership Committed To Your Success © 2021 Stewart. All rights reserved. | 678457935 Contact me today to learn more. Stewart Title National Commercial Services Denver Division Martin Gibeau Vice President 303.780.4060 main mgibeau@stewart.com stewart.com/commercial by Jenna Walters DENVER – A California-based multifamily investment firm acquired a newly upgraded apartment community in Den- ver’s Lowry neighborhood. DB Capital Management pur- chased Cleo Apartments, the 142- unit property at 425 S. Galena Way in Denver, from seller Mar- ble Partners. According to public records, the property traded for $38 million, or $267,605 per unit. Dan Woodward, Dave Potarf, Matt Barnett a nd Jake Young of Walker & Dunlop brokered the transaction. Built in 1979, Cleo Apartments encompasses eight garden-style buildings. The property offers studio, one- and two-bedroom units ranging from 532 to 1,000 square feet. Community ameni- ties include a basketball court, business center, clubhouse, fitness center, heated swimming pool, playground, and a picnic area with a grilling station. The com- munity also includes a newly constructed pet park in a space formerly used as a tennis court. According to Young, the asset hit the market earlier this year and garnered strong interest, with many prospective inves- tors drawn to the state-of-the-art amenities. The property’s value- add opportuni- ties also proved desirable, Young noted. DB Capital Management plans to con- tinue with reno- vations to the amenity spaces and units. It adds the asset to a portfolio of more than two dozen properties in five states, includ- ing Colorado. According to the buyer’s website, it also owns Ascent on the Highline in Auro- ra and Summit at Wash Park in Denver. s DB Capital Management buys Denver apartment property by Jenna Walters FORT COLLINS – A newly constructed student housing complex in Fort Collins recently traded hands in a record-break- ing sale. San Francisco-based institu- tional multifamily investment company FPA Multifamily sold The Social, the 68-unit property at 1050 Hobbit St. According to public records, buyers CSU Hob- bit Street LLC, Fairview Lane Holdings LLC and DC Fund LLC acquired the asset. Bill Morkes and Craig Stack of Colliers Inter- national brokered the transaction on behalf of the seller. The property traded for $25.5 million, or $375,000 per unit, or $476 per square foot. Accord- ing to the Colliers team, the sale represents the highest price per unit and price per sf for an arms- length sale in the history of Fort Collins. Completed last year, The Social features 136 beds across a mix of one-, two- and three-bedroom apartments. Additionally, the property is located within walk- ing distance of the Colorado State University campus. The property’s unit makeup and location drove buyer interest after the asset hit the market in September, Morkes noted. “Fort Collins is a sought-after market by multifamily inves- tors,” said Morkes. “It’s a great place to live, and the market fun- damentals are very strong.” “It’s getting very difficult to build in Fort Collins, so a brand- new asset in such an irreplaceable location made The Social very Fort Collins student housing trades in record-breaking sale Jake Young Cleo Apartments in Lowry is under new out-of-state ownership. The Social was renamed to Bighorn Landing following its recent sale. Please see The Social, Page 16

RkJQdWJsaXNoZXIy