{"id":1004358239,"date":"2019-10-07T05:26:47","date_gmt":"2019-10-07T13:26:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004358239"},"modified":"2019-10-07T05:29:02","modified_gmt":"2019-10-07T13:29:02","slug":"iret-acquires-denver-community-for-99m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/iret-acquires-denver-community-for-99m\/","title":{"rendered":"IRET Acquires Denver Community for $99M"},"content":{"rendered":"
\"\"

Lugano Cherry Creek. Image courtesy of NKF<\/em><\/p><\/div>\n

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.<\/p>\n

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READ ALSO:<\/strong> How to Prepare for the Next Polar Vortex <\/a><\/p>\n

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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.<\/p>\n

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.<\/p>\n

IRET noted in a statement that the company would carry out select value-add and operational initiatives to enhance the property, citing the community\u2019s large units, wrap construction and outdoor green space as major selling points.<\/p>\n

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<\/a>, an upscale 390-unit community nearby downtown Denver, for $128.7 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

The REIT picked up the 328-unit asset from Brass Enterprises, in a deal arranged by NKF.<\/p>\n","protected":false},"author":744,"featured_media":1004358248,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1587,13,21742],"tags":[47315,46205,36007],"class_list":["post-1004358239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-denver","category-midwest","category-latest","tag-brass-enterprises","tag-investors-real-estate-trust","tag-newmark-knight-frank"],"acf":[],"yoast_head":"\nIRET Acquires Denver Community for $99M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/iret-acquires-denver-community-for-99m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IRET Acquires Denver Community for $99M\" \/>\n<meta property=\"og:description\" content=\"The REIT picked up the 328-unit asset from Brass Enterprises, in a deal arranged by NKF.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/iret-acquires-denver-community-for-99m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-07T13:26:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-10-07T13:29:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Lugano-Cherry-Creek.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Greg Isaacson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iret-acquires-denver-community-for-99m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/iret-acquires-denver-community-for-99m\/\",\"name\":\"IRET Acquires Denver Community for $99M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iret-acquires-denver-community-for-99m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iret-acquires-denver-community-for-99m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Lugano-Cherry-Creek.jpg\",\"datePublished\":\"2019-10-07T13:26:47+00:00\",\"dateModified\":\"2019-10-07T13:29:02+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1a92010198045e41b0b801129a41b3d8\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iret-acquires-denver-community-for-99m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/iret-acquires-denver-community-for-99m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iret-acquires-denver-community-for-99m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Lugano-Cherry-Creek.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/Lugano-Cherry-Creek.jpg\",\"width\":800,\"height\":620,\"caption\":\"Lugano Cherry Creek. 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