Greystar Buys 312-Unit Complex Near Denver for $95 Million

Greystar has picked up a 312-unit apartment complex south of Denver for $95.15 million. The price of $305,000 per unit falls in the range for recent multifamily deals around the Mile High City.

The South Carolina-based investor led by Bob Faith bought the three-story complex at 7550 South Blackhawk Street in unincorporated Englewood, about 19 miles southeast of Denver, the Denver Business Journal reported. The seller was an unidentified owner based in Carbondale.

The deal for the Dove Valley Apartments works out to $304,968 per unit. It last traded in 2011 for $38.1 million, or $112,000 per unit.

The luxury complex, built in 2000 off East Broncos Parkway, is near Dove Valley Regional Park and the Centennial Airport.

The gabled complex with gray and Cape Cod blue siding contains one-, two- and three bedroom apartments that rent between $1,641 and $2,508 a month, according to Realtor.com.

The Dove Valley Apartments have in-home washers and dryers, garden tubs and private patios or balconies. They also have a pool and spa, fitness center and movie theater, basketball court, resident cafe and dog park, according to its website.

Greystar’s purchase is the latest in a series of apartment complex sales in greater Denver, where investors have flocked to multifamily properties while office properties decline in value.

Within the past week, investors have snapped up a 338-unit complex in Aurora, east of Denver for $99 million, or $293,000 per unit. They’ve also picked up a 302-unit in Uptown Denver for $95 million, or $315,000 per unit.

Greystar, founded by Faith in 1993 in Charleston, now has $320 billion in assets under management around the globe, including nearly 3,600 apartment complexes with nearly 1 million units and/or student beds, according to its website.

— Dana Bartholomew