IRET Acquires Denver Community for $99M
The REIT picked up the 328-unit asset from Brass Enterprises, in a deal arranged by NKF.
Lugano Cherry Creek. Image courtesy of NKF
Listed real estate investment trust IRET has acquired a 328-unit community in Denver for $99.3 million, or $302,591 per unit, from Brass Enterprises. Newmark Knight Frank Multifamily arranged the deal, with NKF Vice Chairmen Terrance Hunt and Shane Ozment representing the seller.
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The community, Lugano Cherry Creek, is located at 9601 E. Iliff Ave. Built in 2010, the five-story property includes 13,272 square feet of retail. Brass Enterprises acquired the asset from GenCap Partners for $67.9 million in 2015, according to Yardi Matrix.
The community features a mix of one-, two- and three-bedroom homes with 9-foot-plus ceiling heights, a patio or balcony with every unit and select loft units. Community amenities include an outdoor swimming pool and spa with heated deck, fitness center, outdoor lounge, 4.5-acre private park and two structured parking garages.
IRET noted in a statement that the company would carry out select value-add and operational initiatives to enhance the property, citing the community’s large units, wrap construction and outdoor green space as major selling points.
Through the deal IRET, which has more than $1.8 billion in multifamily assets across the Midwest, continues its strategic expansion into the Denver metropolitan market. In March of last year the REIT acquired Westend, an upscale 390-unit community nearby downtown Denver, for $128.7 million.
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