CBRE Arranges Sale of Ascent Apartments in Denver

CBRE has arranged the sale of Ascent Apartments, a 168-unit, garden-style apartment community in Southeast Denver, to Avanath Capital Management.

Andy Hellman, Justin Hunt, Kevin Mckenna, Saul Levy, Chris Hart, and Jessica Graham with CBRE’s multifamily investment properties team in Denver represented the seller, MIG Real Estate.

Located at 8400 E. Yale Ave., the nine-building property is situated on 7.26 acres with a parking ratio of 1.76 spaces per unit. Built in 1994, Ascent offers one-, two- and three-bedroom floorplans averaging 905 sq. ft. Community amenities include a fitness center, resort-style pool, barbecue and picnic areas, a playground, and package lockers. Over the course of the last several years the seller made incremental renovations to the clubhouse and resident lounge, upgrades to the fitness center and outdoor common area spaces, as well as improvements to unit interiors.

“Ascent provides the buyer with potential for significant value creation through additional interior building enhancements and modernizations,” said Mr. Hellman, senior vice president, CBRE. “Combining strong rental growth with a limited supply pipeline positions the new ownership group with the opportunity to capitalize on the demand in this location.”

The property is located less than two miles from Interstate 25 and is positioned just off the Highline and Cherry Creek trail systems, connecting the property with nearby parks, trails and recreational spaces. It is a 20-minute drive to local employment and entertainment hubs including the Denver Tech Center, Downtown Denver, and Cherry Creek. Additionally, the property is located within the highly coveted Cherry Creek School District.