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Granite Peak Partners Acquires Two Denver, Colorado Apartment Complexes for $15.6 Million
Granite Peak Partners, a Santa Barbara, Calif. real estate investment firm, closed escrow on two Denver apartment complexes, Cherry Point Apartments and Lancelot Apartments, for $15.631 million.
Cherry Point Apartments (4600 East Kentucky Ave.) houses 79 units in a five-story building on 1.9 acres. Constructed in 1965, it holds 80,224 rentable square feet. Lancelot Apartments (888 South Dexter St.) houses 137 apartment units in two, seven-story apartment buildings on 2.25 acres. Constructed in 1969, it contains 122,056 rentable square feet. The properties are located four miles from Denver’s Central Business District. They will undergo renovation on the exterior and within the units with rental rates reflecting the upgrades.
The purchases were made through Granite Peak Partners' Growth and Income Fund II. The fund is designed for real estate investors seeking current cash flow and future appreciation at the end of an estimated five-year holding period.
"These properties are in a good quality location. We will invest more than $2.5 million in renovations in the two properties and these renovations will increase rental income and value," says Pierre Tada, a principal with Granite Peak Partners.
"Denver is a lifestyle market that has strong rental market fundamentals and favorable demographics. Granite Peak is currently seeking to acquire additional investment properties of this type," says Bruce Savett, a principal with Granite Peak Partners.
Granite Peak Partners is a full service real estate investment firm. It provides sponsored real estate investments to individuals, and real estate advisory services including 1031 exchange services, asset management and real estate investment strategies to accredited individual, agricultural, high net worth families and institutional clients. Target properties are in the $5 million to $60 million-price range primarily in the western United States.
Accredited investors interested in learning more about Granite Peak funds, can call 805-892-4900 or go to www.GranitePeakPartners.com.
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Granite Peak Partners, headquartered in Santa Barbara, Calif., is a full service real estate investment firm providing real estate investments to individuals and advisory services to accredited individual, families and institutional clients.