logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
United States
  • Global
  • United States
  • Angola
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Morocco
  • Netherlands
  • New Zealand
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Peru
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Russia
  • Saudi Arabia
  • Singapore
  • Slovakia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Segments

      Advisory Services

      Global Workplace Solutions

      Real Estate Investments

      • Advisory & Transaction Services
      • Capital Markets
      • Project Management
      • Property Management
      • Valuation & Advisory Services
      • Advisory & Transaction Services | Occupier
      • Client Strategy and Consulting
      • Facilities Management
      • Project Management
      • Development Services (Trammell Crow Company)
      • Flexible Space Solutions (Hana)
      • Investment Management (CBRE Global Investors)
    • Services for Investors
      • Appraisal Management
      • Debt and Loan Valuation
      • Federal Government Leases
      • Leasing & Advisory
      • Litigation Support
      • Net Lease Properties
      • Small Balance Lending
      • Corporate Capital Markets
      • Debt & Structured Finance
      • Going Concern Valuation
      • Investment Accounting & Reporting Solutions
      • Loan Portfolio Sales
      • Property Management
      • Telecom Advisory
      • Construction Risk Management
      • Energy & Sustainability
      • Host
      • Investment Banking
      • Loan Servicing
      • Property Sales
      • Valuations for Financial & Tax Reporting
    • Services for Occupiers
      • Business Transition & Move Management
      • Energy & Sustainability
      • Host
      • Location Analytics
      • Portfolio Services
      • Space Enablement
      • Client Strategy and Consulting
      • Expense Management Solutions
      • Labor Analytics
      • Location Incentives
      • Project Management
      • Workplace
      • Corporate Capital Markets
      • Facilities Management
      • Leasing & Advisory
      • Network Advisory
      • Real Estate Accounting
    • Asset Types & Specialties
      • Office
      • Aerospace and Defense
      • Data Centers
      • Golf & Resorts
      • Multifamily
      • Parking
      • Industrial & Logistics
      • Affordable Housing
      • Hotels
      • Land
      • Nonprofit
      • Self-Storage
      • Retail
      • Aviation Properties
      • Gaming
      • Manufactured Housing
      • Omnichannel
      • Senior Housing
    • Industry Sectors
      • Industrial & Logistics
      • Energy, Oil & Gas
      • Law Firms
      • Technology, Media & Telecom
      • Retail
      • Financial Services
      • Life Sciences
      • Data Centers
      • Healthcare
      • Student Housing & Education
  • Properties
  • Research & Insight
    • Latest National Research & Reports
      The Way Forward
      Weekly Insights
      Reopening the World's Workplaces
      COVID Resource Center
  • People & Offices
  • About CBRE
    • Careers
      Case Studies
      Corporate Information
      Corporate Responsibility
      Executive Leadership - Global
      Investor Relations
      Media Center
      Suppliers

Next

Press Release
CBRE Hires Charlie Knudsen and Julie Cook to Focus on Credit Tenant Lease Financing
  • About CBRE
  • Media Center
  • CBRE Arranges $56.35 Million Sale of One of Cherry Creek's Last Remaining Large-Scale Value-Add Apartment Portfolios

CBRE Arranges $56.35 Million Sale of One of Cherry Creek's Last Remaining Large-Scale Value-Add Apartment Portfolios

Denver, CO | October 29, 2018
  • Email
  • Share
  • Tweet
  • Share

CBRE announced today that it has completed the $56.35 million sale of a three-property multifamily portfolio located in Denver’s Cherry Creek neighborhood, one of the immediate area’s last remaining large-scale value-add offerings. The portfolio includes The Rise at Cherry Creek located at 848 South Dexter, The Edge at Cherry Creek located at 4600 East Kentucky Avenue and The Vue at Cherry Creek located at 4805 East Kentucky Avenue. CBRE’s David Potarf, Dan Woodward and Matthew Barnett represented the seller, Granite Peak Properties of Santa Barbara, California. The buyer, Chicago-based Laramar Group, purchased the portfolio in a sale that closed Oct. 25.

“The Cherry Creek value-add portfolio offered a true infill location and the opportunity to gain a significant market presence in one acquisition. The properties together provide one of the better amenity packages within the submarket, which will help unit renovations to achieve the highest rents possible. Many of the 1,000 units we have sold within Glendale in the past 12 months are of similar vintage, and differentiation combined with scale creates an opportunity to maximize returns,” said Matthew Barnett, Senior Vice President, CBRE.

All three properties were built between 1965 and 1973, offering a combined 302 units across five buildings on a total 5.23 acres. They are all located within one block of each other, and residents at each property have access to the amenities of all three communities, including indoor/outdoor pools and hot tubs, a 24-hour fitness center and dog run. While significant capital improvements have been made to the communities themselves, only two percent of the units have been renovated.

“As many comparable properties in the immediate area have already renovated and are achieving higher rents, this was the last large-scale concentration of apartments available for a proven value-add renovation program,” added David Potarf, Executive Vice President, CBRE. “Rental demand in the area will remain strong compared to home ownership as supply of for-sale homes is extremely limited and single-family homes in the vicinity are among the most expensive in the metro area.”

The Rise, The Edge and The Vue are located just east of Colorado Boulevard and south of Cherry Creek drive, adjacent to Denver’s upscale Cherry Creek neighborhood. The portfolio is also located near Infinity Park, the University of Denver, the Colorado Boulevard retail corridor and the proposed Glendale 180 mixed-use project. 

Cherry Creek Value Add Portfolio
About CBRE Group, Inc.
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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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.

Press Releases

Sara Johnston headshot
Sara Johnston
Corporate Communications, Mountain-Northwest Division
+1 303 2641912
+1 660 3499498
+1 303 6281751
  • Corporate Information
  • Corporate Responsibility
  • Case Studies
  • Media Center
  • About Us
  • Careers
  • People and Offices
  • Global Leadership
  • Investor Relations
  • Contact Us
  • Global Web Privacy and Cookie Policy
  • Sitemap
  • Terms of Use
  • United States Privacy Policy
  • Our Response to SCHREMS II
  • Twitter
  • Facebook
  • LinkedIn