Chicago-based Laramar added to its Denver holdings with The Helix.
The national investment and property management company paid $22.9 million, according to public records, for The Helix, a 132-unit apartment community at 1017 S. Birch St. in Glendale.
“The Helix is a value-add investment opportunity made all the more appealing and rare because of its Glendale/Cherry Creek location. Opportunities in core Denver areas attract a highly aggressive buyer pool because both the near- and long-term investment outlook is so strong,” said Jake Young of CBRE Capital Markets, Multifamily Investment Properties.
Young, along with CBRE Capital Markets, Multifamily Investment Properties’ Dan Woodward, David Potarf and Matt Barnett, represented the seller, FPA Multifamily of San Francisco.
The Helix, constructed in 1974, comprises two six-story, midrise apartment buildings featuring studio, one- and two-bedroom floor plans. FPA Multifamily had made extensive capital improvements to the property, including a complete rebrand, new exterior paint, common area upgrades and renovations on approximately 60 percent of the units.
Laramar plans to continue unit renovations and improve operational efficiencies at The Helix.
“This is a great addition to Laramar’s growing Denver portfolio. The property is minutes to the Cherry Creek shopping district and is centrally located between Denver’s two largest employment centers, downtown Denver and the Denver Tech Center. The buildings are concrete construction with great unit layouts, large private balconies and plenty of parking,” said Josh Mullins, vice president at Laramar.
The property also is located minutes from Infinity Park and within walking distance of the Colorado Boulevard retail corridor, the Cherry Creek business district and the proposed Glendale 180 redevelopment.
At the time of sale, The Helix was 96 percent occupied. In addition to The Helix, Laramar owns 15 multifamily properties in the Denver metro area.
“Helix is a strategic addition to Laramar’s growing core Denver portfolio, providing further diversification within the metro while offering a quality midrise product,” added Potarf.
