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June 15, 2024
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Trion Properties and PCCP LLC Team Up in $82 Mil Colorado Multifamily Buy


Trion Properties, in a venture with PCCP LLC, closed on a large Colorado res buy, paying $82.5 mil for Loft 9 Apartments, a 418-unit ($197.4k/unit) multifamily community in Denver.

Located at 11100 Dartmouth Ave, Loft 9 Apartments consists of five buildings and features spacious one- and two-bedroom homes. Community amenities include a resort-style pool, state-of-the-art fitness center, business center, resident clubhouse, resurfaced sport courts, and upgraded outdoor areas.

Loft 9 is within a 10-minute drive of the Southeast Business Corridor, which is comprised of over 37 msf and includes the Denver Tech Center. It is home to a majority of Denver’s Fortune 500 headquarters, including Arrow Electronics, Qurate, Dish Network, and others.

The property is conveniently located near the Nine Mile Light Rail Station and Interstate 225. In addition to the Southeast Business Corridor, residents benefit from close proximity to the Fitzsimons Medical District, as well as several retail and outdoor recreation destinations.

The asset – which was constructed in 1974 – provides Trion the potential for significant upside through fresh branding, addressing deferred maintenance, and continuing the previous ownership’s proven renovation strategy, which will bolster the community’s appeal through unit interior upgrades such as the addition of modern kitchen appliances, vinyl plank flooring, new countertops, and new lighting packages.

The acquisition more than doubles Trion’s holdings in the Denver metro area, bringing its portfolio to over 700 units since entering the market last year, and over 1,100 in the state of Colorado, according to Max Sharkansky, Managing Partner at Trion Properties.

Denver is gaining a reputation nationally as a top tech hub and seeing the expansion of many major employers, including Amazon, which is planning to add 2,700 jobs in Denver,” notes Sharkansky. “This property is positioned to benefit greatly from this ongoing growth, as it is in close proximity to several employers and offers convenient access throughout the entire Denver metro area.”

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