Advenir Expands Denver Portfolio In $42M Deal
Advenir acquired Cypress Point, renaming it Advenir at Cherry Creek South, a 292-unit apartment property at 1211 S Quebec Way in Denver for $42M. Advenir chief acquisition officer Todd Linden tells us the company's still bullish on the greater Denver region, with "job growth and in-migration that's anticipated to continue in the coming years.” The company's put itself whole-heartedly into Denver, acquiring over 4,000 apartment units in the area since late 2011. Todd's shown golfing with Neil and Ari Linden.
Built in 1979, Advenir at Cherry Creek South totals 15 buildings on about 11 acres. The previous ownership invested more than $2M on exterior and common areas upgrades, as well as interior unit improvements, in the last four years. Todd says that Advenir will further upgrade the property to the tune of an additional $3M. The deal marks the Florida firm’s second acquisition this year and it plans to spend more than $350M by year-end adding apartments to its portfolio.
