CBRE Brokers $25.8 Million Sale of The Grammercy Apartment Homes in Southeast Denver

CBRE announced the $25.8 million sale of The Grammercy Apartment Homes located at 9600 East Girard Avenue in southeast Denver to BH Acquisitions LLC.

CBRE’s David Potarf, Dan Woodward, Matthew Barnett and Jake Young represented the seller, FPA The Glen, LLC, of San Francisco, an affiliate of FPA Multifamily LLC. The Carmel, IN-based buyer purchased the 156-unit multifamily community in a sale that closed March 29.

“The Grammercy is a well-maintained property located within a core Denver neighborhood with an established and successful renovation program to build from” said Potarf, Executive Vice President at CBRE. “Its infill location provides convenient access to shopping, dining, entertainment and majors employers in the DTC area.”

Built in 1974, The Grammercy includes 156 studio, one and two-bedroom units across 13 rental buildings on 5.33 acres. Recent capital improvements include a remodeled clubhouse, new fitness center and playground equipment, improved landscaping and irrigation, and common area and system upgrades. The community also offers an outdoor pool and deck, laundry facilities, reserved parking and a parcel packaging system. Approximately two-thirds of the apartments have recently been upgraded with new appliances, flooring, fixtures, hardware, interior paint and resurfaced countertops.

Added Young, First Vice President, CBRE, “The sellers invested in significant capital improvements over the past several years, positioning The Grammercy to compete at a high level for years to come.”

The property is located on the northwest corner of East Hampden Avenue (Highway 30) and South Dayton Street. Hampden Shopping Plaza and Wells Shopping Plaza are directly across Dayton Street, while Hampden Heights Park, the Cherry Creek Trail and the Dayton RTD Light Rail Station are also within walking distance. 

The seller is an affiliate of FPA Multifamily, LLC. FPA Multifamily, LLC is a private equity real estate firm focused on the acquisition, renovation and management of both core plus and workforce housing apartment communities. Founded in 1985, FPA has owned over 104,000 apartment units valued at over $11 billion. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund VI which will acquire approximately $1.8 billion of assets and its core plus focused FPA Core Plus Fund IV which will acquire approximately $1.4 billion of assets. Headquartered in San Francisco, FPA also has offices in Irvine, Portland, Denver, Minneapolis, Dallas and Atlanta.