02/20/2020 | DRGinvest, Media Coverage
Denver Realty Group Acquires One-of-a-Kind...
Denver Realty Group, LLC (“DRG”) through its DRGinvest platform acquired a one-of-a-kind Colorado Springs real estate portfolio for approximately $22,000,000.
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DENVER, Dec. 5, 2019 — Denver Realty Group, LLC (“DRG”) through a DRGinvest affiliate, recently added to its rapidly expanding North Aurora real estate portfolio with the acquisition of five apartment buildings. Located at 1974 Xenia St, 1923 & 1933 Dallas St, and 11916 & 12000 E 14th Ave, the properties consist of 44 total units. With this acquisition, DRG and their partners have established themselves as one of North Aurora’s largest residential real estate operators. DRG currently owns and manages approximately 700 units in the North Aurora area.
Purchased at an attractive price of $4,620,000 or $105,000 per unit, DRG plans to reposition and enhance the value of the buildings with its typical value-add strategy and well-established management practices. Upon completion of renovations and the updating of market rents, DRG plans to sell each of the assets individually or in bulk. Currently, significant numbers of tenant applicants are responding positively to projected market rate rents, which adds to investor optimism for the project.
About Denver Realty Group:
DRG is a full-service real estate business based in Denver, CO, and expanding nationally. Founded in 2008, DRG is comprised of three main operating businesses: Property Management, Investing, and Brokerage.