A Beverly Hills, California based buyer made its first Denver acquisition with the purchase of the Villas at Holly.
Triumph Properties Group, a commercial real estate investment, management and development firm, paid $26.25 million for the 144-unit apartment community at 6760 S. Glencoe St., at the corner of Arapahoe Road and Holly Street in Centennial.
The Villas at Holly transaction was closed on an all-cash basis in 37 days.
“We like Denver over the long term and Villas at Holly presented us with an opportunity to gain entry into a high-quality submarket at attractive relative pricing and a clear opportunity to increase income by improving unit interiors,” said Will Roos, Triumph’s director of acquisitions.
“It’s really just a good suburban location with not a lot of new product in the immediate area and is located behind a King Soopers grocery-anchored center and within the Littleton Public Schools district,” added Terrance Hunt of ARA Newmark, who represented seller Kennedy Wilson with ARA Newmark’s Shane Ozment, Jeff Hawks and Doug Andrews.
Triumph Properties Group plans to improve the community with unit interior upgrades, and exterior and common area additions.
Constructed in 1979, the Villas at Holly features a mix of one-bedroom, one-bath; two-bedroom, two-bath; and two-bedroom, two-bath-and-a-den floor plans. The community includes an outdoor pool, fitness center, pet park and business center.
At the time of sale, it was 95 percent occupied.
The purchase of Villas at Holly is part of Triumph Properties Group’s continued expansion of its acquisition platform with $150 million to $200 million in acquisitions targeted over the next 12 months. It currently is seeking multifamily properties across all major U.S. markets that are 100-plus units, in solid A/B submarket locations, $15 million to $100 million-plus in deal size and preferably 1980s and newer vintage.
Triumph Properties Group is a long-term owner and investor. Its portfolio includes approximately 2,000 apartment units, 1 million square feet of commercial properties and various development sites around the country.
