DB Capital Management Enters Denver Market
November 5, 2020
DB Capital Management has acquired Red Owl Apartments, a 46-unit community in Denver, for $16.2 million. The transaction marks the firm’s entry into the market. According to public records, the buyer financed the deal with a $10.5 million acquisition loan.
Located at 90 S. Logan St. in West Wash Park, a large residential neighborhood, Red Owl is within 2 miles of downtown Denver. The neighborhood sits at the western gateway of the 165-acre Washington Park and features a wide variety of local restaurants and boutiques. Built in 2018, the community comprises studio, one-, two- and three-bedroom apartment homes. The new owner plans to rebrand the asset as Summit at Wash Park and renovate the common areas and unit interiors.
Andy Hellman, Justin Hunt and Katie Hufnagel of Newmark brokered the transaction, while David Treadwell arranged acquisition financing. Recently, Hunt, Hellman and Hufnagel were also involved in another Colorado deal. The trio represented the seller of Henley & Remy, an 82-unit community in Boulder that traded for more than $32 million.
Author: Sergiu Inizian
Source: MHN Multi-Housing News