Denver-based RedPeak apartment management and ownership firm has announced that it is has added $13.85 million of new apartment properties to its portfolio. This includes the purchase of three apartments buildings in Denver’s Capitol Hill neighborhood. RedPeak paid cash for the three properties located at 929 Marion, 1145 Ogden and 1153 Ogden. Altogether this adds up to 66 units and the purchase averages out to $413 per rentable square foot.
“These strategic and seamless acquisitions bring RedPeak’s ‘Urban Living Portfolio’ to 730 units in 17 buildings in Denver’s most walkable neighborhoods, and our total Colorado portfolio now consists of 2,445 units,” said Bobby Hutchinson, Investment Director for RedPeak. “In addition, we have recently broken ground on an eight-story, 115 unit apartment building located at 7th & Sherman in the Governors Park neighborhood, which we expect to deliver next summer, and have recently completed a substantial renovation of a 32 unit historic property at 970 Pennsylvania Street. We continue to look to expand upon our growing presence in Denver’s highly desirable urban neighborhoods.”
RedPeak states it is actively seeking high quality apartment buildings in Central Denver, and is willing to pay top market prices for assets that fit the company’s target criteria. RedPeak’s other recent purchases include the Coachman Apartments, 1075 Corona, 880 and 890 Dexter, 820 Dexter, 825 Dahlia, 805 Dahlia and 70 Clarkson.
The One City Block project that was completed in 2014 in Denver’s Uptown neighborhood and The Seasons of Cherry Creek apartments are also among RedPeak’s Denver properties.