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December 6, 2022
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Avanath Capital Management Pays $58 Mil for 168-Unit Multifamily Property in Denver

11/04/22

Avanath Capital Management purchased Ascent Apartments, a 168-unit, garden-style apartment community in Southeast Denver. The property traded for $58.1 mil, or about $346k/unit.

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 sf.

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.

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.

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.

“Ascent provides the buyer with potential for significant value creation through additional interior building enhancements and modernizations," said Hellman. “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.”





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