CREJ

6 / 48

Page 6 - April 5-18, 2017 Colorado Real Estate Journal
Multifamily
by Jennifer Hayes
A Beverly Hills, California-
based buyer made its first Den-
ver acquisitionwith the purchase
of the Villas at Holly.
Triumph Properties Group, a
commercial real estate invest-
ment, management and devel-
opment firm, paid $26.25 million
for the 144-unit apartment com-
munity at 6760 S. Glencoe St.,
at the corner of Arapahoe Road
and Holly Street in Centennial.
The Villas at Holly transaction
was closed on an all-cash basis
in 37 days.
“We like Denver over the long
term and Villas at Holly pre-
sented us with an opportunity
to gain entry into a high-quality
submarket at attractive relative
pricing and a clear opportunity
to increase income by improving
unit interiors,” said Will Roos,
Triumph’s director of acquisi-
tions.
“It’s really just a good subur-
ban location with not a lot of
new product in the immediate
area and is located behind a King
Soopers grocery-anchored center
and within the Littleton Public
Schools district,” added Terrance
Hunt of ARA Newmark, who
represented seller Kennedy Wil-
son withARANewmark’s Shane
Ozment, Jeff Hawks and Doug
Andrews.
Triumph Properties Group
plans to improve the community
with unit interior upgrades, and
exterior and common area addi-
tions.
Constructed in 1979, the Villas
at Holly features a mix of one-
bedroom, one-bath; two-bed-
room, two-bath; and two-bed-
room, two-bath-and-a-den floor
plans. The community includes
an outdoor pool, fitness center,
pet park and business center.
At the time of sale, it was 95
percent occupied.
The purchase of Villas at Holly
is part of Triumph Properties
Group's continued expansion
of its acquisition platform with
$150 million to $200 million in
acquisitions targeted over the
next 12 months. It currently is
seeking multifamily properties
across all major U.S. markets that
are 100-plus units, in solid A/B
submarket locations, $15 million
to $100 million-plus in deal size
and preferably 1980s and newer
vintage.
Triumph Properties Group is a
long-termowner and investor. Its
portfolio includes approximately
2,000 apartment units, 1 million
square feet of commercial prop-
erties and various development
sites around the country.
Other News
n Pinnacle Real Estate Advi-
sors LLC handled a number of
multifamily transactions in the
Denver metro area, including the
sale of 1260 Pennsylvania St. in
Denver.
The 25-unit Capitol Hill prop-
erty sold for $3.6 million, or
$144,000 per unit.
Kevin Calame, along with the
Calame|Lewallen Team at Pin-
nacle, represented both the buyer
and seller in the transaction.
“The sellers had the opportu-
nity to purchase the property at
a below-market value and turn
for a decent profit in only eight
months,” said Calame.
The firm also handled the sale
of 310W. Archer Place in Denver.
The 17-unit community, con-
structed in 1965, was “signifi-
cantly” renovated in 2012. Locat-
ed in the Baker neighborhood,
the community sold for $3.16
million, or $185,765 per unit
and $353.60 per square foot – a
record-high price per sf for the
neighborhood.
Robert Lawson and Jim
Knowlton of the firm’s
Knowlton|Lawson Team and
Joe Hornstein and Scott Fetter
with the firm’s Hornstein|Fetter
Apartment Group represented
both the buyer and seller in the
transaction.
“The buyer recognized this
opportunity to get into the Baker
apartment market due to both
the demographics of the neigh-
borhood and the few compet-
ing apartment buildings that
serve it. This property is walking
distance to the thriving South
Broadway bar/restaurant scene,
and it’s also walking distance to
light rail. Simply put, it’s a great
building and a great location,”
said Fetter.
“The buyer assumed the sell-
er’s current loan, therefore sav-
FANNIE MAE • FREDDIE MAC • HUD • BRIDGE • LIFE COMPANY • INVESTMENT SALES
California loans will be made pursuant to Finance Lenders License #603H310 from the DBO.
IS CERTAINTY OF EXECUTION
AT THE TOP OF YOUR LIST?
• TOP THREE GSE LENDER IN 20151
• #2 FANNIE MAE DUS ® LENDER IN 2015 2
• #3 FREDDIE MAC MULTIFAMILY APPROVED SELLER/SERVICER IN 20152
• 97% HUD APPROVAL RATE 3
YOUR LOCAL FINANCING EXPERTS
1 Commercial Mortgage Alert – February 12, 2016 Issue 22015 Mortgage Bankers Association Origination Rankings 3 34 HUD approvals out of 35 HUD submissions in FY 2016
ANTHEA MARTIN
Vice President
Real Estate Finance
O: (720) 439-3201
C: (720) 891-6537
RALPH LOWEN
Senior Vice President
Real Estate Finance
O: (720) 439-3203
C: (303) 520-9293
The 144-unit Villas at Holly in Centennial sold for $26.25 million.