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2/04/14
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The Laramar Group has acquired five multifamily buildings consisting of 202 units in neighborhoods surrounding downtown Denver. The portfolio of transactions closed on January 28, 2014. The properties include:
• Shambhala located at 1355 Pearl St (60 units)
• Route 66 located at 1345 High St (17 units)
• The Lodge located at 1443 Elizabeth St (18 units)
• Metropolis located at 1011 Colorado Blvd (71 units)
• Red Fort located at 136 Pennsylvania St (36 units)
The properties are all situated in unique walkable neighborhoods featuring dining, shopping, nightlife and parks. Each neighborhood is within three miles of downtown Denver, and each is interconnected with designated bike lanes.
“Acquiring these buildings in desirable neighborhoods surrounding the Denver central business district builds on our strategy to invest in urban areas close to major employment centers,” said Keith Harris, chief investment officer of The Laramar Group. “Denver has vibrant urban neighborhoods and a fast-growing population of people who value a walkable lifestyle and easy access to public transportation.”
Laramar, a national real estate investment and management company with headquarters in Denver and Chicago, will upgrade and rebrand each property under Laramar management. The five properties were built between 1955 and 1971; and four of the five properties underwent interior and exterior renovations between 2005 and 2009.
Laramar will also conduct a full interior and common-area renovation of the remaining property, Red Fort. The company will manage leasing for all five of the properties out of the Metropolis location.
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