10/25/2007

Grubb & Ellis orchestrates $42 million sale of Denver apartments

by

Countryside Village

Santa Barbara, Calif.-based Granite Peak Partners has acquired two suburban Denver apartment complexes for $42.1 million from ECD Co.

Tom Wanberg of Grubb & Ellis' Denver office represented both the buyer and seller.

Located in the Denver suburb of Aurora, the two properties are the Countryside Village, a 304-unit complex located at 15300 E. Evans Ave., and Stonebrook Apartments, a 360-unit complex at 932 South Helena Way. Countryside sits on a 10-acre lot while Stonebrook is situated on more than 18 acres and consists of four one-story buildings and 38 two-story buildings.

Granite Peak will invest $8 million in capital improvements to the property and plans to continue to look for additional properties in the Denver market.

Aurora is located approximately nine miles east of Denver.

Wanberg, a senior VP with Grubb & Ellis, specializes in investment properties in the Denver metropolitan area. In October 2005, he co-authored the article "Capitol Hill's condo conversions leaving apartment rental void", which appeared in the Denver Business Journal.

Address: Countryside Village at 15300 E. Evans Ave., Aurora, Colo. & Stonebrook Apartments at 932 South Helena Way, Aurora, Colo.

Size: 664 units

Built: 1980s

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Filed Under: Multi-Family

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