CBRE has brokered the $29.5 million sale of The Croft Apartments located at 7200 Evans Avenue in Denver to Willow Creek Partners of Virginia. Dan Woodward, David Potarf, Matt Barnett and Jake Young with CBRE Capital Markets represented the seller, Colorado-based Summit Communities along with their partner DVO Real Estate.
“The Croft attracted investor interest for its value-add potential and location in a strong, infill neighborhood in southeast Denver. The seller completed extensive capital improvements prior to the sale, which had already increased the property’s value. Further renovations hold promise for continued growth,” said Jake Young, first vice president, CBRE.
Built in 1974, The Croft consists of two, six-story rental buildings on 4.4 acres. The community has 138 apartments, both one- and two-bedroom floor plans, with an average unit size of 732 square feet.
Capital improvements made over the past several years include a complete rebrand with new exterior paint, common area upgrades and system improvements to both buildings and units. The seller also recently completed an extensive renovation on most unit interiors, adding washers and dryers, new carpet, flooring, granite countertops, fixtures, stainless steel appliances and new window coverings. The property also includes a remodeled clubhouse, large fitness center, indoor pool and sun deck.
The Croft is located at the intersection of East Evans Avenue and South Quebec Street, adjacent to the High Line Canal recreational trail and across the street from the Central Park Shopping Center. Denver’s two largest employment centers, the Denver Tech Center and downtown, are both within a 10–20-minute drive.
“Denver has been a high priority market for us, and The Croft represents the perfect entre for us into the Denver market. It is ideally located next to the High Line Canal Trail and presents our residents with easy access to both Downtown Denver and the Denver Tech Center. We are excited to work with our residents and deliver an exceptional living experience. It was a pleasure working with Jake Young and the rest of the CBRE team on this transaction,” said Matt Brady, CEO & Founder, Willow Creek Partners.
The property was 99 percent leased at the time of sale.
