CBRE Investors has bought a 415-unit multifamily apartment block for $54.7 million, paying $20 million less than the seller handed over in 2005.
The Los Angeles-based private equity real estate firm acquired The Metro apartment building in Delgany Street, in downtown Denver, from RREEF property funds. According to data provider Real Capital Analytics, CBRE Investors paid all cash for the property, equivalent to $131,807 per unit.
RREEF originally bought the property for $75.6 million in 2005 from Lincoln Property Company, RCA added.
CBRE Investors said in a statement the deal was done through its $2.1 billion value-added vehicle, CBRE Strategic Partners US Value 5 fund.
The fund has made numerous distressed acquisitions during 2009, including buying the 905,533-square-foot “condo interest” in New York’s Bertelsmann office building for roughly $360 million. The property had been owned by troubled real estate investor Harry Macklowe.
The firm added the multifamily property was 89 percent leased.