DENVER—TruAmerica Multifamily, and partnerCapri Capital Partners have acquiredVeranda Highpointe Apartments, a 362-unit class Amultifamily development in Denver with a familiar price tag of $105million.

Earlier this week GlobeSt learned thatTruAmerica had purchased a $105-million, five-property portfolio inthe Pacific Northwest, in a deal that also had a$105 million selling price.

The Denver property, acquired from from Forum RealEstate Group, was built in 2014. The 5-story multifamilycomplex offers a mix of studio, one-, two- and three-bedroom floorplans, and a variety of resort-style amenities including a heatedswimming pool with a unique 'lazy river,' two-story clubhouse,state-of-the-art fitness center, yoga studio, sports court,community kitchen, dog walking path, rooftop lounge and structuredparking. Located at 6343 E. Girard Place, VerandaHighpointe Apartments is situated within seven miles of downtownDenver and 1.5 miles of the Denver Tech Center(DTC). The Southmoor Light Rail Station, which isless than one half-mile from the property, offers convenient accessto both downtown and the DTC.
"Millennials make up approximately 40% of the Denver workforce andpopulation, yet many have been priced out of most of the urbanareas where young urban professionals typically would like tolive," said TruAmerica director of acquisition and investorrelations Noah Hochman. "This was anopportunity to acquire a high quality asset in an in-fill locationthat was built and priced to appeal to Denver's largestdemographic."
With Thursday's closing, TruAmerica's Denver portfolio totals 2,037units. One of the most active buyers of multifamily assets inthe United States, Los Angeles-based TruAmerica focuses onacquiring properties to provide higher quality and affordablerental units for working class families and young professionalsthat are priced out of urban locations. In addition, thecompany focuses on high quality amenity rich class A transitoriented developments in growing urban neighborhoods wherehomeownership is unaffordable. Last year, theTruAmerica/Capri partnership acquired The Vermont,a newly constructed 464-unit luxury high-rise apartment complexalong Wilshire Boulevard in LosAngeles.
"Veranda is a prized asset in one of Denver's most desirable areas,and we can improve operational efficiencies through our verticallyintegrated asset and construction management platform," saidHochman. "We will also undertake selective capitalimprovement projects and enhance the unit interiors with higher endfinishes and additional high-tech features for residents. Theproperty has more amenities than any other building in theneighborhood and we want to make sure these are activated with goodresident programming that will provide a sense of community."