More Apartments Change Hands in Metro Denver

Another investor has snapped up a multifamily community in the Denver metro area.
Bridge Square Apartments

Bridge Square Apartments

Denver’s multifamily market shows no signs of slowing down.

Another investor has snapped up a 168-unit apartment community in Brighton, Colo., in a deal secured by Marcus & Millichap. Alta Community Investment paid $12.1 million for Bridge Square Apartments, a four-building community located at 90 S. 18thAve. in Brighton. Brian Haggar, senior associate at Marcus & Millichap’s Denver office, represented the seller, Brixton Capital, and procured the buyer. According to data from Yardi Matrix, Alta Community Investment also assumed an existing $5.4 million Fannie Mae loan on the property, placed in September 2013.

“This fully renovated property, in excellent condition, with a history of high occupancy generated substantial interest from investors,” said Haggar. “Located in Brighton along Colorado’s growing energy corridor, the property provides the new owner with an asset in a strong rental market with excellent prospects to enhance value as the area’s low vacancy and projected population growth creates increased demand,” he explained.

Bridge Square Apartments is conveniently situated just two blocks from the Safeway-anchored Friendship Square shopping center, and is within easy access to the I-76 and State Highway 85. Built in 1973, the community offers one- and two-bedroom apartment units, eight laundry facilities, and 100 grade-level parking spaces, among other amenities.

Image courtesy of Yardi Matrix