The Metro is located on 5.6 acres at 2121 Delgany St. inDenver's Lower Downtown district, near Coors Field. It was 89%occupied at the time of sale. A wood-frame development withstructured parking, the buildings have flat roofs, brick, stonefront stairs, and exposed steel and warehouse windows. Amenitiesinclude a club room, a business center and a fitness center. Theproject won the ULI's Pillars of the Industry award in 2004.

"The best way to portray this is by saying it was a 'per-poundbuy'; cap rate was not a driving factor," says one local source."It was acquired for approximately $132,000 per door and would costeasily $200,000 per door to build today."

The benefit for Rreef is that the asset could sell for more thanwas owed on it, according to the source, which means that Rreefcould pull a little cash out of the deal. Despite the discount toreplacement cost, the sale marks the largest multifamilytransaction in Denver in 2009.