DENVER, CO - Peak Capital Partners, a Utah-based residential multifamily investment company, recently acquired The Artisan, a 434-unit apartment community in Denver.
“Our firm is actively looking to acquire multifamily communities across Colorado. This state represents an important growth market for our firm.”
The community was purchased from Prime Residential, represented by HFF. As part of the purchase, Peak Capital Partners assumed a Fannie Mae loan and also placed a supplemental Fannie Mae loan. Financial terms of the transaction were not disclosed. The current occupancy rate of The Artisan is 97 percent.
“This is the third apartment community Peak Capital Partners has acquired in the Denver area and the sixth community in the state of Colorado,” said Jamie Dunn, founder and managing partner of Peak Capital Partners. “Our firm is actively looking to acquire multifamily communities across Colorado. This state represents an important growth market for our firm.”
Peak Capital Partners plans to invest millions of dollars in The Artisan as part of extensive capital improvements, including exterior and interior renovations that will include enhanced landscaping, siding repair and complete exterior painting, and extensive interior upgrades.
The Artisan, located at 10025 E. Girard Ave., offers one-, two- and three-bedroom unit apartments and is conveniently located near two light-rail stations. The community is only minutes from dining, entertainment, parks and shopping.
Peak Capital Partners and its affiliates own and manage conventional, affordable, and student apartment communities in growth markets in the United States. Founded in 2007, Peak Capital Partners owns 31 apartment communities in eight states. Today, the firm has an asset portfolio valued at $425 million.