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ENGLEWOOD, CO-Greystar Real Estate Partners, a local multifamily property developer, is paying about $12 million for 11 acres that has housed the Denver Seminary for the past 35 years. Greystar is buying the campus at East Hampden Avenue and South University Boulevard, across the street from Cherry Hills Village, which is home to the most exclusive housing communities in the metro area.

Under the deal, the seminary will lease its current property from Greystar until 2004, when it finishes building a new 20-acre campus at 6300 S. Santa Fe in Littleton. The new seminary is expected to cost about $15 million, and will include an administration building, library, chapel, outdoor amphitheater, classrooms and 100 student apartments.

Locally, Greystar has more than $150 million in apartment and condo communities under way.It is building the 12-story, $51 million Manhattan luxury apartment community in the Central Platte Valley; the $40 million, 116-unit Swallow Hill Condominiums in Uptown; and the $61 million, 500-unit Summit at Mainstreet across from the FlatIron regional mall in Broomfield.

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