Savoy sells at second-highest price in 2019

The 612-unit community sold in the second-highest priced and second-largest mulitfamily sale in metro Denver this year.

An Aurora apartment property steps from the Dayton light-rail station sold in one of the highest-priced and largest multifamily sales to close in 2019.

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IMT Capital LLC purchased The Savoy at Dayton Station Apartments, sold by Starwood Property Trust, which paid $161.5 million for the property in 2016.

The 612-unit community at 3645 S. Dallas St. is second only in number of units to sell this year to the 1,023-unit sale of Ivy Crossing in April.

“The Savoy at Dayton Station provided a proven value-add opportunity with an ideal transit-oriented development location that was within the Cherry Creek school district, minutes from the DTC and very attractive to investors,” said Terrance Hunt of Newmark Knight Frank Multifamily. “The property received over 20 offers and ultimately achieved the second-highest sale price for marketed transactions in metro Denver this year.”

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Hunt, along with NKF’s Shane Ozment, represented the seller in the transaction. The deal was structured as an entity sale, thus the sales price wasn’t disclosed. The highest priced sale to close this year is Union Denver, now Union Denver by Daydream, which sold for a reported $280 million for the multifamily portion of the 579-unit community.

“Of the 612 units, 444 units were built in 2000 and 168 units in 2011. The Savoy at Dayton Station offers a terrific value-add opportunity,” said Ozment. “Only 86 of the units, or 14% of the property, have been renovated. The opportunity exists for IMT Capital to continue renovating the remaining 526 units to a more modern scope to generate additional rental revenue.”

IMT renamed the asset IMT Dayton Station. It features a mix of units ranging from studios to three-bedroom townhomes (12% of the property). Apartments include 9-foot ceilings, walk-in closets, full-size washers and dryers, and private patios or balconies. Select apartments also include gas fireplaces, oversized garden bathtubs, bay windows and vaulted ceilings.

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Amenities at IMT Dayton Station include two clubhouses, two outdoor swimming pools/spas, a 24-hour fitness center, cyber café and outdoor grilling area with a fire pit.

According to public records, IMT Capital received a $108.23 million Freddie Mac loan for the purchase, originated by CBRE Capital Markets.

Los Angeles-based IMT Capital, a private real estate investment firm and a vertically integrated investor, developer and operator of multifamily assets in major U.S. markets, also recently purchased the Vintage at Hyland Hills community in Westminster for $120.1 million.

Featured in CREJ’s September 4-17, 2019, issue

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and retail news in the Denver metro area plus all property types in Colorado Springs and Southern Colorado. She also covers the finance market as well as solicits bylines articles and is editor of the Health Care Properties Quarterly. Before joining…