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DENVER-Redhill Realty Investors has acquired a 14-story apartment building here in partnership with an institutional client of Rreef. The partnership paid Fairfield Residential $33.5 million for Mezzo Apartment Homes, a 50-year-old building located one mile south of the CBD in the Capitol Hill neighborhood.

The new ownership plans to renovate the 315-unit building, which includes a fitness center, a cyber café and a large outdoor patio on the top floor. The purchase also includes a 14,000 sf of street-level retail in a separate building. Rreef says the apartment units and common areas will be renovated. Jeff Hawks and Doug Andrews of Apartment Realty Advisors had the disposition assignment.

Average apartment occupancy in the Denver area stood at 93.2% at the end of the year, according to RealFacts. Year-over-year occupancy growth for the market was 1.4%. Average rent for the market was $880 per month. Year-over-year rent growth was 2.9%.

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