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The Praedium Group buys two Denver multifamily properties

The New York City-based Praedium Group acquired two multifamily properties in the Denver market — Helios Apartments in Englewood, CO, and Centennial Park Apartments in Aurora, CO.

 

Helios is a 258-unit multifamily property centrally located in the Denver Tech Center, the largest employment center in metropolitan Denver. Less than one-mile from the Belleview Light Rail Station, the property offers residents convenient access to the Belleview Promenade as well as many other notable retail outlets and restaurants. Constructed in 2015, the asset consists of one, five-story building with one- and two-bedroom units ranging in size from 642 square feet to 1,367 square feet. The community features a pool with landscaped sun-decks, an outdoor living area with a fireplace, gas barbecue grills, a dog run, and a state-of-the-art fitness center. Apartments offer 9' and 10' ceilings, wood-vinyl plank flooring, washers and dryers, granite counters, stainless and black appliances, and gourmet kitchens with islands. Select units offer private patios and balconies.

 

Centennial Park, built in 2001, contains 216 one-, two-, and three-bedroom units ranging in size from 685 square feet to 1,230 square feet. Units boast 9' ceilings, crown moldings, private balconies or patios, walk-in closets, and full size washer/dryers. The property also offers a recently renovated clubhouse with an outdoor resort-style swimming pool, grilling station, fitness center, business center, and lounge area with a gourmet kitchen and billiards. Centennial Park is centrally located in Denver South, the largest employment hub in Denver with over 20,000 companies and more than 200,000 employees. Centennial Park's superior location along the Piney Creek Trail, which connects to the Cherry Creek Trail, provides residents with excellent access to the surrounding area of Arapahoe County. Nearby amenities include the Denver Tech Center, Greenwood Plaza, Inverness Business Park, and Meridian International Business Center, with Fortune 500 companies like Arrow Electronics, Liberty Media and EchoStar.

 

The net migration into Denver has been amongst the strongest in the nation over the past 5 years. Since January 2013, 27 companies have announced headquarter relocations and/or facilities expansions in the region. Recent expansions and relocations in the area include TopGolf International, which opened a 65,000 square-foot facility in Centennial in February 2016, and the 578-acre Anschutz Medical Campus and Fitzsimmons Innovation Campus, a $5.2 billion project expected to bring 43,000 new employees just 15 minutes from Helios.

 

"Both properties were built to a very high standard and are located in the coveted Denver South Metro area which contains a diverse employer base. The Denver Tech Center Business Corridor currently has over 1.2 million square feet of office space either under construction or in the planning stage," said Peter Calatozzo, Managing Director for The Praedium Group. "With Denver's expansion of its mass transit system, both assets will also benefit from 122 miles of rail along six new lines," added Calatozzo.

 

The Praedium Group is a privately-held real estate investment firm focusing on under-performing and undervalued assets throughout the United States. The Praedium Group was formed in 1991 and since inception has completed over 350 transactions representing approximately $10 billion of capital, including 73,000 multifamily units and nearly 44 million square feet of commercial space.

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