CBRE Brokers $46.2 Million Sale of Torrey Pines, a 235-Unit Apartment Complex in Cherry Creek School District
28 Jan 2020
CBRE announced today the $46.2 million sale of Torrey Pines, a 235-unit apartment community located at 7575 East Arkansas Avenue in Denver, Colo. Dan Woodward, David Potarf and Matt Barnett with CBRE Capital Markets in Denver represented the seller, Vukota Capital from Greenwood Village, Colo. Real estate investment firms Marble Partners and Lion Real Estate Group purchased the property in a sale that closed Jan. 28.
“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,” stated Mr. Barnett, Senior Vice President, CBRE.
Built in 1980, the 15-building, 203,640-rentable-sq.-ft. apartment community is located at the intersection of East Florida Avenue and Quebec Street, just south of the Lowry redevelopment and east of Cherry Creek.
Torrey Pines sits on 11.36 acres and includes 58 covered parking spaces and 353 open parking spaces. Recent capital improvements include all new roofs, fully renovated clubhouse, upgraded fitness center, exterior pool upgrades and a fenced dog park.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.