Granite Peak Partners, a Santa Barbara real estate investment firm, closed escrow on two Denver apartment complexes — the Cherry Point Apartments and the Lancelot Apartments — for $15.631 million.
Brokers Dan Woodward and Jordan Robbins with the Denver office of CBRE represented both buy and seller. Escrow closed Nov. 18.
The Cherry Point Apartments house 79 units in a five-story building on 1.9 acres. Constructed in 1965, the complex holds 80,224 rentable square feet. The Lancelot Apartments house 137 apartment units in two, seven-story apartment buildings on 2.25 acres. Constructed in 1969, they contain 122,056 rentable square feet.
The properties are located four miles from Denver’s Central Business District. They will undergo renovation on the exterior and within the units with rental rates reflecting the upgrades.
The purchases were made through Granite Peak Partners’ Growth and Income Fund II. The fund is designed for real estate investors seeking current cash flow and future appreciation at the end of an estimated five-year holding period.
“These properties are in a good quality location,” said Pierre Tada, a principal with Granite Peak Partners. “We will invest more than $2.5 million in renovations in the two properties, and these renovations will increase rental income and value.”
“Denver is a lifestyle market that has strong rental market fundamentals and favorable demographics,” said Bruce Savett, a principal with Granite Peak Partners. “Granite Peak is currently seeking to acquire additional investment properties of this type.”
Granite Peak Partners is a full-service real estate investment firm. It provides sponsored real estate investments to individuals, and real estate advisory services including 1031 exchange services, asset management and real estate investment strategies to accredited individual, agricultural, high net worth families and institutional clients. Target properties are in the $5 million to $60 million price range primarily in the western United States.
Accredited investors interested in learning more about Granite Peak funds can click here or call 805.892.4900.
— Diane Rumbaugh is a publicist representing Granite Peak Partners.