Aurora, Colorado (PRWEB) October 25, 2007
Granite Peak Partners, a real estate investment firm based in Santa Barbara and Los Angeles, acquired two apartment complexes, Countryside Village and Stonebrook Apartments, in Aurora, Colorado for $42,171,700. The transactions closed on September 27, 2007. The acquisition is part of Granite Peak Partners' Opportunity Fund III, which raised the required equity from its client base of high net worth investors and is now officially closed.
Both apartment complexes are close to downtown Denver and Fitzsimons, a 578-acre site currently undergoing a $4.3 billion renovation. The site will contain an integrated life sciences community with patient care, education, science and bioscience research facilities. Fitzsimons is expected to employ 32,000 once renovation is complete.
Tom Wanberg with the Denver office of Grubb & Ellis Company was the broker representing both parties in the transaction.
Countryside Village, at 15300 East Evans Avenue, is located on more than 10 acres and houses 304 units. It contains 205,600 rentable square feet.
Stonebrook Apartments, at 932 South Helena Way, sits on more than 18 acres and houses 360 garden style apartment units. The property's four, one-story buildings and 38 two-story buildings contain 314,660 rentable square feet.
"Rental occupancies in the metro Denver area is approaching 95 percent," says Bruce Savett, a founding principal of Granite Peak Partners in charge of acquisitions. "Both properties were constructed in the 1980s and have been under the same ownership and management for over 18 years. We plan to invest more than $8 million in capital improvements to the properties. The improvements will reposition the projects from their present Class C+ designation to Class B status and rental rates will reflect the upgrades."
Savett expects a healthy Denver economy, which created almost 50,000 jobs in 2006, and the Fitzsimons project, only two miles from the apartment complexes, will create a strong demand for upscale rental housing. "Higher rents will mean significantly higher property values for investors," says Savett. "At the end of the hold period, estimated at three years, the properties will be sold with final proceeds distributed to the fund's limited 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 such as 1031 exchange services, asset management and real estate portfolio creation and management to qualified individual, agricultural and institutional clients. Target properties are in the $4 million to $45 million-price range primarily in the western United States.
"Granite Peak Partners acquired more than $72 million in apartment properties last year and we continue to look for additional opportunities in the Denver market," says Noah Hochman, Granite Peak Partners vice-president/acquisitions.
For more information, contact Granite Peak Partners at 805-892-4900 or on the web at http://www.GranitePeakPartners.com.
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