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ENGLEWOOD, CO–Banking on increased job growth in the Colorado market, a Houston-based real estate group has plunked down $34.5 million to buy its third Denver area apartment complex in a submarket that saw its vacancy rate languishing at 28% only a few years ago.Creekstone Partners LLC picked up the 342-unit apartment community, known as Courtney Downs, in a below replacement cost deal that bought the Houston partnership a luxury complex at a per-unit price of $100,877.

“This is a real class A asset in an area of Denver that has the largest amount of jobs and the largest job growth potential,” Doug Andrews, with Apartment Realty Advisors tells, referring to the city’s southeast corridor area which is home to a number of high tech firms. “That area, although we had an oversupply problem in 2000, has really turned the corner in the last few months.”

Andrews said the Denver submarket has made a strong recovery since vacancy rates languished at 28% several years ago. Vacancy rates in the area now stand at about 7.5%, he says, although Courtney Downs has about 10% of its units vacant.

Built in 2002, the upscale complex is located at 15849 E. Jamison Dr. in Englewood and offers amenities that include a clubhouse with a billiards room, big screen television, full kitchen, coffee bar, an executive business center, a resort-style pool and spa with lounge area, picnic and barbecue areas and private garages all set against the backdrop of the Rocky Mountains.

Courtney Downs was Creekstone’s third purchase in the Denver market since 2004. The partnership, a division of Creekstone Companies, also owns the 280-unit Trailside Apartments in Parker, CO and the Village Crest Apartments in Commerce City, CO which has 120 apartments.

“They obviously believe in the market and its recovery,” says Andrews, who along with and Jeff Hawks, also with Apartment Realty Advisors, represented seller Contravest Inc. of Lake Mary, FL in the sales transaction. The buyer was self-represented.

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