DENVER, CO—Capstone Apartment Partners announces the $56.5 million sale of a 325-unit apartment portfolio in Southwest Denver. The portfolio comprises six properties: The Amherst, Federal Terrace, Autumn Ridge, Pinecrest Apartments, Elm Creek Apartments, and The Hill Apartments. All six apartment assets are located along South Federal Blvd and were approximately 96% occupied at the time of closing.
The Capstone transaction team was led by Jason Koch, Adam Riddle, Sean Holamon, and Austin Smith, who sold the property on behalf of a group of investors connected through Abiete Real Estate, LLC. Capstone ran a full marketing process for the sale of this portfolio and after receiving over a dozen offers, the brokerage team determined Monarch Investment and Management Group to be the best fit for the seller’s goals with the disposition.
“We put this portfolio together over several years with the idea that having more economies in one neighborhood would lead to management efficiencies across the board. It is great to see it come to fruition of being value to a larger ownership group on the back end,” said a representative of Abiete Real Estate, LLC. “Although we still believe in Denver’s South Federal corridor, this sale is a chance to re-leverage our equity into a variety of assets and locations around the country.”
The buyer, Monarch Investment and Management Group, plans to leverage their respected brand and management systems to optimize the performance of the asset portfolio. Additionally, Monarch’s goal is to leverage the increasing demand of workforce housing in the Southwest Denver area, benefitting from the walkability and new jobs being created by the new Loretto Heights development.
Capstone was grateful for the opportunity to service this portfolio sale and arrive at a mutually beneficial closing that hopefully supports the continued success of both ownership groups.