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DB Capital Acquires Second Multifamily Property in Denver Metro in a Month
Completed in 1969, Gardens on Paris offers one-, two- and three-bedroom units as well as studio apartments. Located at 1612-1690 Paris St. and 1645 Peoria St., the property was 93 percent occupied upon acquisition.
"Housing affordability continues to be a major issue in Denver," said DB Capital CEO Brennen Degner. "The new inventory of apartments being delivered to submarkets like Aurora are Class A luxury rentals pricing out much of the market. It's important and strategically advantageous to provide quality rental housing that is affordable to working-class families and young professionals. Our growing Denver acquisitions strategy and value-add business plan for properties like this one in high-growth submarkets will do that."
DB Capital plans to rebrand the property and implement a $3.3 million capital improvement program that will focus on modernizing exterior and common areas to increase curb appeal and allow the property to compete with newer product in the market, but at a lower price point. The plan includes renovating all units with modern finishes as well as upgrades to the clubhouse, courtyard and playground.
Gardens on Paris is located directly adjacent to the Fitzsimons Life Science District, a 578-acre campus that is fueled by $5.4 billion in investment. At full build-out, the campus will be one of the nation's largest and most advanced life sciences communities, comprising 18 million square feet of space and hosting 45,000 jobs. The property is also just 15 minutes from the Denver Tech Center (197,500 jobs) and 25 minutes from Downtown Denver.
"Despite its impressive job growth, Aurora remains one of the most affordable submarkets in the Denver metro," added DB Capital Vice President Darren Hulick, who leads the firm's Denver acquisition team. "Given the outlook for continued job growth and limited supply of affordable quality rental housing, Gardens on Paris is well-positioned in the market."
About DB Capital
DB Capital Management http://www.dbcap.com is a vertically integrated real estate investment group with over $500MM in AUM based in Playa Vista, CA. DB Capital Management focuses on owning and operating multifamily property 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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