DENVER, CO – TruAmerica Multifamily, in partnership with Capri Capital Partners, has bought from Forum Real Estate Group the Veranda Highpointe Apartments, a 362-unit Class A multifamily development in Denver, CO in a transaction valued at $105 million.
Built in 2014, the five-tale multifamily property offers a mix of studio, one-, two- and three-bedroom floor plans, and a variety of resort-style amenities including a heated swimming pool with a unique ‘bone idle river,’ two-tale clubhouse, state-of-the-art fitness center, yoga studio, sports court, community kitchen, dog walking path, rooftop lounge and structured parking. Located at 6343 E. Girard Place, Veranda Highpointe Apartments is situated within seven miles of downtown Denver and 1.5 miles of the Denver Tech Center (DTC). The Southmoor Light Rail Station, which is less than one half-mile from the property, offers convenient access to both downtown and the DTC.
“Millennials make up approximately 40 percent of the Denver workforce and population, yet many have been priced out of most of the urban areas where young urban professionals typically want to live,” said TruAmerica Senior Managing Director of Acquisition and Investor Relations Noah E. Hochman. “This was an opportunity to buy a high quality asset in an in-fill location that was built and priced to appeal to Denver’s largest demographic.”
With today’s closing, TruAmerica’s Denver portfolio totals 2,037 units. One of the most active buyers of multifamily assets in the United States, TruAmerica focuses on acquiring properties to provide higher quality and affordable rental units for working class families and young professionals that are priced out of urban locations. In addition, the company focuses on high quality amenity rich Class A transit oriented developments in growing urban neighborhoods where homeownership is unaffordable. Last year, the TruAmerica/Capri partnership bought the Vermont, a newly constructed 464-unit luxury high-rise apartment complex along Wilshire Boulevard in Los Angeles.
“Veranda is a prized asset in one of Denver’s most desirable areas, and we can improve operational efficiencies through our vertically integrated asset and construction management platform,” said Hochman. “We will also undertake selective capital improvement projects and enhance the unit interiors with higher end finishes and additional high-tech features for residents. The property has more amenities than any other building in the neighborhood and we want to make sure these are activated with excellent resident programming that will provide a sense of community.”
Denver benefits from a diverse knowledge-based economy that includes aerospace, aviation, bioscience, telecom energy, financial services and information technology software. The Milken Institute cited the Denver metro’s “robust and diverse high-tech sector” as the reason for its strong job gains in one-year and five-year measures. Also, the city ranked in the top six markets to watch in ULI’s “Emerging Trends in Real Estate 2016.”
“Capri’s investment strategy for this particular client is to invest in multifamily properties on a diversified basis across the US, focusing on core and value-add opportunities in high barrier-to-entry markets witnessing strong demographic and economic trends,” says Dori Nolan, Partner, Investments. “The acquisition of Veranda is consistent with this strategy.”
“The sale of Veranda Highpointe marks Forum’s fourth ground-up development disposition in the Denver area. We are very proud of this residential community and the incredible attention and recognition this asset has garnered over the years. From the signature ‘bone idle river’ amenity to the high level of custom finishes and details throughout the property, we place a lot of heart and soul into designing and developing Veranda Highpointe and could not be more pleased with the end result. We’ve found fantastic partners in Capri and TruAmerica, and are confident they will continue to deliver superior service and the kind of living experience that Veranda is known for,” remarked Darren Fisk, Forum Real Estate Group founder and CEO.