Apartment Complex North of Denver Sells for $83M
Buyers Priderock Capital were attracted to the 320-unit complex' lack of upgrades since it's 2001 opening, presenting renovation potential.
A Florida-based real estate firm has purchased a large apartment complex in Northglenn Colo. for $83 million.
Earlier this month Priderock Capital Partners closed on the deal to buy Stone Mountain Apartment Homes from Valhalla Holdings LLC, which is based in Boulder, Colo. The deal came together amidst the COVID-19 outbreak with things getting started in the latter half of March, according to CBRE Executive Vice President David Potarf, one of the three Denver-based CBRE brokers who represented Valhalla in the sale.
“The buyer and seller worked together on creative solutions for due diligence, including inspecting only the vacant units, among other measures,” Potarf said this week.
Northglenn is a northern suburb of Denver with a population of nearly 40,000. The Stone Mountain complex has 320 one and two-bedroom units spread across 15 buildings, for a total of nearly 283,000 square feet of rentable space. It was built in 2001 and has a variety of amenities for residents including a heated pool and spa, a fitness center, pet wash stations, and a bicycle repair station.
A major selling point of the property is that few upgrades have been made in the nearly 20 years that Stone Mountain has been open, according to Potarf.
“Stone Mountain is a rare value-add opportunity, with virtually untouched units that are still in great shape,” he said. “Renovation scope can range from light, moderate to full redo, depending on market conditions going forward.”
Another selling point is the complex’ location adjacent to the City of Northglenn’s Civic Center redevelopment site. The city is investing $53 million in improving that site, which will include City Hall, a senior center, a recreation center, and a theater. Stone Mountain is also near a large number of retail and grocery stores.