Real estate investment firms Marble Partners and Lion Real Estate Group came together for the $46.2 million purchase of Torrey Pines.
The partnership purchased the 235-unit community at 7575 E. Arkansas Ave., at the intersection of East Florida Avenue and Quebec Street, south of the Lowry redevelopment, in Denver from Vukota Capital.
Dan Woodward, David Potarf and Matt Barnett of CBRE represented the seller in the $196,596-per-unit purchase of the 15-building community constructed in 1980.
“Torrey Pines is well positioned for a comprehensive value-add program. The property includes modern features that differentiate it from competitive properties within the submarket, such as a washer/ dryer in nearly every unit and vaulted ceilings on the second floor. It is also located in an area that will face little competition from new construction as eastern Denver’s multifamily development pipeline is limited compared to overall metro Denver,” said Barnett.
Situated on 11.36 acres, Torrey Pines includes 58 covered parking spaces and 353 open parking spaces.
Recent capital improvements include new roofs, a fully renovated clubhouse, upgraded fitness center, exterior pool upgrades and a fenced dog park. The community was constructed in 1979.