CBRE announced today that it recently completed the $93 million sale of the Esprit at Cherry Creek multifamily community located at 5001 East Mississippi Avenue in Denver’s Glendale/Cherry Creek neighborhood. CBRE’s Dan Woodward, David Potarf and Matthew Barnett represented the seller, a joint venture between Los Angeles-based TruAmerica Multifamily and Investcorp of New York. The buyer, Bridge Investment Group of Salt Lake City, purchased the 561-unit property in a sale that closed Sept. 28, 2018.
“Esprit at Cherry Creek is among the largest value-add opportunities in Denver and is located within the highly sought Cherry Creek School District. With extensive capital projects completed by the seller, an investor can now focus on unit renovations and the potential for exceptional value-add returns,” said David Potarf, Executive Vice President with CBRE Capital Markets’ Multifamily Properties in Denver.
Built in 1974, Esprit at Cherry Creek consists of 561 one and two-bedroom unit apartments across nine rental buildings. The property has received significant capital investment since its acquisition three years ago, including elevator, stair, railing and exterior walkway improvements, boiler and window replacements and roof repairs. In addition, 279 of the apartment units have been upgraded with new fixtures, countertops, flooring and appliances. Community amenities include a large private lake in the center of the property, plus a playground, dog park, sand volleyball court, clubhouse, pool and fitness center.
Esprit at Cherry Creek is located along East Mississippi Avenue just east of Colorado Boulevard, within close proximity to the Colorado Boulevard retail corridor, the Cherry Creek North retail and entertainment district and the Cherry Creek recreational run/bike path.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Investcorp is a leading global provider and manager of alternative investments, offering such investments to its high-net-worth private and institutional clients on a global basis. Led by a new vision, Investcorp has embarked on an ambitious, albeit prudent, growth strategy. The Firm continues to focus on generating investor and shareholder value through a disciplined investment approach in four lines of business: private equity, real estate, absolute return investments and credit management. As at June 30, 2018, the Investcorp Group had US$22.6 billion in total AUM, including assets managed by third party managers and assets subject to a non-discretionary advisory mandate where Investcorp receives fees calculated on the basis of AUM. Since its inception in 1982, Investcorp has made over 175 corporate investments in the U.S., Europe and the Middle East and North Africa region across a range of sectors including retail and consumer products, technology, business services and industrials, and more than 600 commercial and residential real estate investments in the US and Europe, for in excess of US$57 billion in transaction value. Investcorp employs approximately 390 people across its offices in Bahrain, New York, London, Abu Dhabi, Riyadh, Doha, and Singapore. For further information, including our most recent periodic financial statements, which details our assets under management, please visit: www.investcorp.com.