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DB Capital Management Acquires 138-Unit Apartment Community in Denver for $31 Million
L.A.-area based multifamily investment firm closer to goal of 1,000 units in Denver by 2022
By: DB Capital Management
The acquisition of Apex furthers DB Cap's goal of building a local portfolio of 1,000 units by the end of 2022. The firm entered the market in October 2020 with the acquisition of Red Owl Apartments for $16.2 million.
"We see significant opportunity in the suburban submarkets and plan to aggressively pursue acquisitions to further grow economies of scale and establish a foothold in the Denver market. We like to target deals that fly just under the institutional radar where we feel like assets are not always priced to perfection,"
Aurora continues to benefit from the migration of renters to the suburbs in search of less expensive housing options. The average asking rent in Aurora is approximately 12 percent below the Denver metro average, which continues to attract renters and drive down vacancy rates in the submarket. Apex was 99% occupied at closing.
Apex, located at 15597 E. Ford Circle, backs up to the Highline Canal Trail, suburban Denver's most popular walking/running/
DB Capital plans to substantially renovate the property, which was built in 1984, to make it more competitive with other properties in Aurora. Planned renovations will primarily be centered on the exterior, including new exterior paint, modernized fitness center and an upgraded pool and deck area. In addition, the company will add a basketball court, courtyard area, package lockers, and refurbished landscaping to the property. Interior renovations will include new wood plank flooring, cabinetry, new hardware, countertops, plumbing and lighting fixtures, bathroom upgrades, as well as installing washers and dryers in the remaining 28 units.
"While the property had been well maintained by the seller, we believe we can create value by enhancing curb appeal, modernizing property amenities and improving the renter experience which will drive prospective renter volume and tenant satisfaction,"
About DB Capital Management
DB Capital Management (https://www.dbcap.com) is a vertically integrated real estate investment group based in Playa Vista, CA. DB Capital Management focuses on owning and operating multifamily properties in strategically targeted submarkets across the United States. The DB Capital Management strategy revolves around a hands-on approach to acquisitions and asset management, coupled with an extensive understanding of each target investment submarket, which leads to maximum revenue generation and subsequent value.
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