Orion Real Estate Partners Acquires 98-Unit Value-Add Apartment Complex in Denver MSA
LOS ANGELES, Feb. 7, 2020 /PRNewswire/ -- L.A. based Orion Real Estate Partners ("Orion") announced today that it has closed on the acquisition of Continental Court Apartments, a garden-style apartment community in Denver, Colorado. Orion purchased the 98-unit apartment community in January 2020 and plans to invest approximately $1.7mm in interior and exterior improvements. The Property is located in the South Denver/Englewood submarket, a Denver infill location with a Walk Score of 80 and close proximity to major employment hubs, entertainment, and transportation. In addition to being less than 15 minutes from downtown Denver, The Property has a favorable unit mix with 60% of the units comprising two- and three-bedroom units providing an attractive option to an underserved workforce renter population that has been priced out of other properties in the market. This is Orion's sixth acquisition in the Denver MSA with a continued favorable long-term outlook on both job and population growth outpacing national averages. CBRE Multifamily Capital provided an attractive 10-year floating rate acquisition loan through Freddie Mac. Orion engaged Apartment Management Consultants ("AMC") to provide property management services.
About Orion Real Estate Partners: Orion Real Estate Partners is a private real estate investment firm that targets value-add multifamily assets in Western US markets with strong demographics and job growth. Utilizing proven institutional processes to source and manage investments, we identify assets with capital and operational repositioning opportunities to provide attractive returns for our investors.
Orion, together with its affiliates, has acquired 1,371 units and currently owns 618 units in Colorado. For more information, please visit: http://orionrep.com/
CONTACT:
Kyle Henrickson
1-619-985-0490
[email protected]
SOURCE Orion Real Estate Partners
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