On February 20th, 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. The portfolio consists of twenty-five (25) properties, totaling one hundred eighty-six (186) units and includes multifamily buildings, single family homes, and a storage facility. Through its existing Colorado Springs operation, DRG was uniquely positioned as one of the few buyers capable of acquiring this diversified portfolio from the estate of the former owner.
Most of the properties are identified as trophy assets due to the attractive location in the desirable North End District, also known as the Millionaires Row. Driving through the neighborhood, you see historic Victorian and Mansion style homes, mature trees, and landscape that illustrates a prestigious history and charm. With the neighborhood’s proximity to fast-growing downtown Colorado Springs, these assets are typically valued at premium prices and are rarely traded. DRG plans to cosmetically upgrade the properties, maximize rental performance, and sell each asset individually over the next 12-18 months.
This off-market acquisition was acquired using a unique, deal-specific loan arranged by NorthMarq’s Denver office, and placed with ArrowMark Commercial Real Estate Partners LLC and Arbor Realty SR Inc. as lenders. DRG was represented by Zach Hansen with Denver Realty Group and Stuart Sloat with Olive Real Estate Group as transaction brokers.