A Salt Lake City buyer acquired one of the largest value-add opportunities in Denver at a price of $93 million.
Bridge Investment Group purchased the Esprit at Cherry Creek at 5001 E. Mississippi Ave. in the Glendale/Cherry Creek neighborhood from a joint venture between Los Angeles-based TruAmerica Multifamily and Investcorp of New York.
“Esprit at Cherry Creek is among the largest value-add opportunities in Denver and is located within the highly sought Cherry Creek School District. With extensive capital projects completed by the seller, an investor can now focus on unit renovations and the potential for exceptional value-add returns,” said David Potarf, executive vice president with CBRE Capital Markets’ Multifamily Properties in Denver.
Potarf, along with CBRE’s Dan Woodward and Matthew Barnett, represented the seller of the 561-unit property.
Built in 1974, Esprit at Cherry Creek comprises one- and two-bedroom units in nine buildings.
Since the joint venture’s acquisition of the community three years ago, the Esprit at Cherry Creek underwent “significant” capital investment, including elevator, stair, railing and exterior walkway improvements, boiler and window replacements, and roof repairs. In addition, 279 units have been upgraded with new fixtures, countertops, flooring and appliances.
Esprit at Cherry Creek features a private lake in the center of the property, a playground, dog park, sand volleyball court, clubhouse, pool and fitness center. Its location along East Mississippi Avenue, just east of Colorado Boulevard, puts the property within close proximity to the Colorado Boulevard retail corridor, the Cherry Creek North retail and entertainment district and the Cherry Creek running and bike path.
