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Real Deals: Apartments Near DTC Attract $31M Investment
September 27, 2011 | bizjournals.com

Crossbeam Capital LLC decided the multifamily housing market in metro Denver is strong enough to buy a 360-unit complex near the Denver Tech Center for $31.15 million.

The Bethesda, Md.-based private real estate investment firm bought the mid-rise Summitt Ridge complex, 8330 E. Quincy Ave., Aurora, from Trilogy Real Estate Group of Chicago.

“Denver is showing exceptionally strong occupancy and rent growth trends, driven in large part by the market’s continuing expansion of the technology and health care sectors,” said Matt Peterson, Crossbeam’s Denver-based acquisition manager, in a release.

Mountain States Moran & Co.’s David Martin and Pam Koster represented the seller.

“This is a good, solid buy,” said Martin, managing director. “People are starting to see what happens when Denver rents move up as forecast. That location next to the Denver Tech Center is attractive.”

“The deal’s prime appeal was Summitt Ridge’s proximity to the Denver Tech Center, the largest concentration of technology offices in a five-state region and a major employment hub,” Peterson said in a statement.

The complex was built in 1980, so some interior work will be required, Martin said.

Crossbeam plans to upgrade the units and increase the rents in an effort to increase the property’s net operating income, Martin said of the value-add deal.

There were many potential buyers interested in the property, according to Martin.

Houston-based Concierge Management Services will manage the apartments, while Concierge Construction Co. will handle the renovations.