CONAM ACQUIRES VALUE-ADD MULTIFAMILY PROPERTY WITHIN DENVER’S LARGEST EMPLOYMENT CENTER
SAN DIEGO, Calif. WASHINGTON, D.C. – April 6, 2015 – (RealEstateRama) — The ConAm Group (ConAm), has acquired PeakView Place, a 296-unit apartment community in the Denver, Colorado market.
PeakView Place is in the City of Englewood, which is within the heart of Denver’s largest employment center, the 850-acre Denver Technological Center (DTC).
“The property is located within one-half mile of a light rail station and one mile of Interstate 25, which provides easy access to all employment centers, including downtown Denver,” notes Rob Singh, ConAm’s President and Chief Investment Officer. “We are pleased to acquire this attractive value-add opportunity in one of the strongest rental growth markets in the country.”
ConAm intends to reposition the asset through an extensive $5.5 million renovation program, which will include the construction of a new leasing office, new exterior siding, full interior upgrades and overall enhancements to the common areas and landscaping. The property offers amenities including modern floorplans with full-sized washers and dryers, and central heat/air conditioning, as well as fireplaces, a pool and spa, and a fitness center.
ConAm has been active in the Denver multifamily market since the early 1980’s. With this acquisition, ConAm’s Colorado portfolio now totals approximately 5,500 units, including owned and managed assets.
Founded in 1975, The ConAm Group of Companies is a full-service real estate investment and management firm specializing in multifamily housing. Based in San Diego, California, the firm is active in the development, acquisition and rehabilitation of apartment communities. ConAm oversees a nationwide portfolio of approximately 50,000 company-owned and fee-managed apartments. Additional information is available at www.conam.com
Contact:
Brower, Miller & Cole
Lexi Astfalk or Jenn Quader
(949)955-7940
LAstfalk (at) browermillercole (dot) com
