1960s Era Apartments Go For $29.9M
Two Denver-based investors purchased Englewood apartments for $29.9M.
Riverpoint Partners along with CentrePoint Properties closed on the 175-unit property, Brix on Belleview, which is located at West Belleview Avenue and South Acoma Street. CBRE represented the undisclosed seller.
Built between 1962 and 1971, the property has undergone more than $1.5M in capital improvements over the last five years. The 11-building property is 117,580K SF.
“We saw interest from a wide variety of investors on this property, from local to coastal, cash flow to value-add, and private/1031 exchange to institutional. Brix on Belleview’s size, vintage and location were all appealing, as was the fact that the seller had maintained the property well and invested in strategic capital improvements that left plenty of upside for a buyer,” said Jake Young with Denver’s CBRE.
CentrePoint Properties owns several Denver metro assets, including Denver Tower at 1905 Sherman St. in downtown. Riverpoint Partners has three mutilfamily assets in its portfolio, according to its website.
