Monday, October 23 , 2017, 8:12 pm | Fair 76º



Granite Peak Partners of Santa Barbara Acquires Denver Apartment Complex

Granite Peak Partners, a Santa Barbara real estate investment firm, recently acquired an 85-unit apartment complex in the Cherry Creek neighborhood of Denver, Colo., for $6.5 million.

The Ambassador is adjacent to two other Granite Peak Partner apartment communities: The Edge and Rise. The transaction closed Sept. 20. Representing Granite Peak Partners was Tim Shunta of Unique Properties.

The Edge and Rise were purchased in 2011 with renovations completed in 2013. By acquiring the Ambassador, Granite Peak Partners now owns three apartment complexes immediately adjacent to one another with a total of 302 units.

The Ambassador encompasses 67,300 net rentable square feet in two six-story towers. It will undergo a full upgrade of unit interiors, hallways, public areas and exteriors. Overseeing the renovation will be Greystar Real Estate Partners, which will also manage the property.

“The Denver multifamily housing market is strong and expanding,” said Bruce Savett, a principal at Granite Peak Partners. “The Cherry Creek submarket attracts tenants who want upscale living spaces and amenities. The Ambassador apartments will help fill that need after the rehab is finished. By inserting new management and making renovations, we expect our efforts with the Ambassador will result in higher rents, increased market value and above-market returns to our investors. This is what we experienced with The Edge and Rise. We will share management among the three properties using Greystar to reduce costs and increase efficiency.”

The current occupancy rate of the Ambassador is 80 percent.

“Once renovations are completed, occupancy is projected to increase to 95 percent,” said Pierre Tada, principal with the firm. “We intend to hold the property an estimated five years, after which it will be sold with The Edge and Rise, enabling an institutional buyer to purchase 302 apartment units at what is essentially one location.”

Granite Peak Partners is building a $68 million, 300-unit apartment community near Williston, N.D., a city that is booming because of the discovery and production of the Bakken oil and gas reserves. Occupancy of the first 180 units is slated for April 2014.

“It’s always a primary desire to identify and acquire value-added projects to include in our portfolio for our accredited investors and advisory clients,” Savett said. “Our Colorado and North Dakota holdings fit our investment criteria.”

For more information about Granite Peak Properties and its Accredited Investor real estate investment offerings, contact Savett at 805.892.4900 or [email protected].

— Diane Rumbaugh is a publicist representing Granite Peak Partners.

  • Ask
  • Vote
  • Investigate
  • Answer

Noozhawk Asks: What’s Your Question?

Welcome to Noozhawk Asks, a new feature in which you ask the questions, you help decide what Noozhawk investigates, and you work with us to find the answers.

Here’s how it works: You share your questions with us in the nearby box. In some cases, we may work with you to find the answers. In others, we may ask you to vote on your top choices to help us narrow the scope. And we’ll be regularly asking you for your feedback on a specific issue or topic.

We also expect to work together with the reader who asked the winning questions to find the answer together. Noozhawk’s objective is to come at questions from a place of curiosity and openness, and we believe a transparent collaboration is the key to achieve it.

The results of our investigation will be published here in this Noozhawk Asks section. Once or twice a month, we plan to do a review of what was asked and answered.

Thanks for asking!

Click here to get started >

Support Noozhawk Today

You are an important ally in our mission to deliver clear, objective, high-quality professional news reporting for Santa Barbara, Goleta and the rest of Santa Barbara County. Join the Hawks Club today to help keep Noozhawk soaring.

We offer four membership levels: $5 a month, $10 a month, $25 a month or $1 a week. Payments can be made through PayPal below, or click here for information on recurring credit-card payments.

Thank you for your vital support.

Daily Noozhawk

Subscribe to Noozhawk's A.M. Report, our free e-Bulletin sent out every day at 4:15 a.m. with Noozhawk's top stories, hand-picked by the editors.

Sign Up Now >