398-unit south Denver apartment complex sold for $99 million

DENVER BUSINESS JOURNAL - A North Carolina real estate investment firm has purchased a 398-unit apartment complex in Denver for $99.2 million.

Greensboro, North Carolina-based Bell Partners Inc., which in June closed Bell Apartment Fund VI with $600 million in total equity commitments, has renamed the complex near the Denver Tech Center as Bell Denver Tech Center. It was formerly known as Presidio Apartments by seller Fairfield Residential of San Diego.

The price translates to $249,246 per unit, according to property records. Bell has apartments in 13 states and Washington, D.C., with three other properties in Colorado that total 322 units.

Rent goes for $1,400 per month at the complex, which is 97 percent occupied.

Read more at the Denver Business Journal: http://bit.ly/2wtHIw1

Copyright 2017 Denver Business Journal


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