CBRE announced today that the firm recently completed the $26.75 million sale of the 180 Flats apartment community located at 848 South Dexter Street in Denver’s Glendale neighborhood. CBRE’s Dan Woodward, David Potarf, Matthew Barnett and Jake Young represented the seller, New York-based Arel Capital. The buyer, RedPeak Properties of Denver, purchased the 142-unit community in a sale that closed February 27, 2019.
“We continue to see strong demand across the Front Range for value-add multifamily properties in strategic locations. 180 Flats’ location just east of Cherry Creek in Glendale offers incredible proximity to high quality employment, shopping, dining, and entertainment. Additionally, extensive recent capital improvements at the property leave minimal deferred maintenance, while initial unit renovations have proven the ability to increase rents and create value,” said Jake Young, First Vice President, CBRE.
Built in 1974, 180 Flats contains 142 one and two-bedroom units across two rental buildings on 2.14 acres. Community amenities include a business center with WiFi, fitness center and outdoor pool and grilling area. The property has seen extensive capital improvement over the past several years and prior to this sale the seller renovated a number of units with upgraded flooring, lighting and kitchens, leaving a large majority of the units ripe for continued renovation.
180 Flats is located at the corner of South Dexter Street and East Kentucky Avenue, a few blocks east of Colorado Boulevard in the heart of Glendale. The area has served as a hotbed for recent economic development, including the high-profile Glendale 180 and 9th & Colorado mixed-use projects.
“The east side of Colorado Boulevard in particular has seen a burst of investment activity with many multifamily communities trading over the past three years. With most of these properties undergoing extensive capital improvements, it has raised rents across the submarket, which only serves to sustain investor interest,” added Dan Woodward, Executive Vice President, CBRE.
