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Trion Properties Spends $38 Mil on Its First Res Buy in Colorado

9/01/20

Trion Properties has acquired The View at North Peak, a 288-unit multifamily community in Northglenn, CO, a suburb of Denver. The mixed-income property, located at 10701 North Pecos St, was purchased in an off-market transaction for $38 mil, or $132k/unit.

Trion plans to rebrand the property to View Apartments and implement a series of cosmetic renovations, continuing along a successful existing program of upgrades to the community.

Built in 1970, The View features spacious one- and two-bedroom apartment homes. Units include living and dining rooms with access to private patios or balconies. Community amenities include two swimming pools and large outdoor green spaces. View Apartments is surrounded by nature trails and offers panoramic views of the Rocky Mountains.

David Moghavem, Director of Acquisitions at Trion Properties, notes, “Northglenn is well positioned geographically to serve as an affordable suburb to a multitude of major employment hubs. Downtown Denver, Denver’s top employment hub, is just 11 miles south of Northglenn via the I-25. Northglenn also serves as a feeder to the US-36 Interlocken Tech Corridor and Broomfield to the west, Boulder to the northwest, and the booming DIA submarket to the East.”

The Northglenn submarket has been experiencing significant growth in recent years. In 2018 alone, the area saw the completion of $350 million in commercial projects, including a 2.4 mf Amazon distribution facility, a 350k sf Denver Premium Outlets, and Topgolf’s second Colorado location. Other notable employers include Google, which opened a satellite office in the submarket; Maxar Technologies; and Park 12 Hundred Tech Center.

Craig Stack from Colliers represented both the buyer and the seller in this transaction. Continental Partners arranged the acquisition financing with Fannie Mae. The transaction is Trion’s first acquisition in the Denver market.




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