DENVER, CO – Tower 16 Capital Partners, based in San Diego, has in collaboration with Dune Real Estate Partners acquired Fairways at Lowry Apartments, an apartment building project with 450 residential units in Denver, Colorado. The property was purchased from a private seller.
"We are very excited to acquire Fairways from Lowry. The project is our first investment in the Denver MSA, which we believe is ready for future rental growth due to strong demand for labor force housing," said Tyler, Co-Founder of Tower 16 pruett. "We believe the city will continue to see strong employment growth and immigration from more expensive coastal markets looking for the high quality of life that Denver offers."
While the project represents Tower 16's first investment in Denver, the company has taken similar moves into markets such as Las Vegas, Phoenix and the Inland Empire, driven by market dynamics that support strong demand for housing for workers. Based on the Denver market, Tower 16 plans to acquire a portfolio of 2,000 units over the next 18 months.
Tower 16 partnered with Dune Real Estate Partners in the acquisition of Fairways at Lowry, the two companies' first such joint venture. "We are a strong believer in the Denver labor market and are excited to partner with Tower 16 on the acquisition of Fairways at Lowry," said Aaron Greeno, partner and director of West Coast investments at Dune.
The Fairways at Lowry is located at 9913 E. 1st Avenue in Aurora, Colorado. The property is minutes from the Lowry proposed development and all of the dining, shopping and recreational opportunities the area has to offer. In addition, Fairways is only three miles from Interstate 225 and seven miles from downtown Denver. The community consists of one and two bedroom apartments, a large clubhouse, exercise room, swimming pool and playground. Tower 16 will oversee upgrades and renovations totaling $ 6.8 million for the property, including modernized upgrades of apartment units, a new clubhouse, gym and upgraded pool area. The company will also add outdoor amenities, including barbecues, seating, outdoor games, and a sports field.
Newmark Night Frank's real estate agents Terrance Hunt and Shane Ozment represented both the buyer and seller in the transaction. Newmark's Charlie Williams coordinated the debt financing for the buyer.
Source: Tower 16 Capital Partners