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| Commercial Real Estate Press Release |
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CB RICHARD ELLIS INVESTORS PURCHASES CLASS A URBAN APARTMENT COMMUNITY IN DOWNTOWN DENVER
Pam Barnett, 213.683.4368, pbarnett@cbreinvestors.com
CB Richard Ellis
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Monday, December 21, 2009 -
LOS ANGELES – December 21, 2009 – CB Richard Ellis Investors’ Multi-Housing Group has purchased The Metro, a 415-unit Class A multi-family apartment community in downtown Denver, on behalf of the CBRE Strategic Partners U.S. Value 5 fund. The property is 89 percent occupied.
Constructed in 2002, the Metro is a well-designed luxury urban apartment community located at 2121 Delgany Street in downtown Denver. A well-constructed wood-frame property with excellent curb appeal featuring flat roofs, brick, stone front stairs, exposed steel and warehouse windows, the Metro has won numerous awards for its development and site planning, most notably the ULI’s Pillars of the Industry award in 2004. The property sits on an irregularly shaped 5.66 acre site that contains three mid-rise buildings with a well-amenitized club room, business center, leasing office, 24-hour fitness center and 655 garage parking spaces. The units are large with efficient layouts averaging 943 square feet with 9-foot ceilings. Each unit has a washer and dryer, patio or balcony, and walk-in closets.
The Lower Downtown “LoDo” neighborhood where the Metro is located contains a vibrant mix of office, retail and residential developments, including 300 restaurants and 30 art galleries, and has been designated an historic district.
“The Denver area’s highly skilled labor force, attractive quality of life, favorable demographic trends, established high-tech base, and expanding transportation capacity give it an edge,” said Steve Zaleski, Managing Director of the Multi-Housing Group for CB Richard Ellis Investors. “This award-winning apartment community in such a strong market is an ideal acquisition for the fund.”
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