SoCal firm nabs $10M apartments; plans renovations

parkwoodPlaza2

The 120-unit Parkwood Plaza apartment complex was sold for $10.7 million. (Amy DiPierro)

A Southern California firm has snapped up an apartment complex west of Federal Boulevard for $10.7 million.

ColdWater Partners, through Parkwood Plaza LLC, purchased the 120-unit property at 1436 S. Irving St. on March 2 from Denise B. Filakosky Revocable Trust, according to Denver property records. ColdWater principal Marc Venegas said he plans to invest a couple hundred thousand dollars renovating the exterior and the inside of apartments at Parkwood Plaza, which was built in 1981.

“It just fills a really good niche in terms of an affordable property located in a growing part of Denver,” said Venegas. “We’re targeting affordable workforce housing,” he said, at rents that restaurant employees or police officers can afford.

Andy Hellman of ARA Newmark represented the seller. The property last traded hands in 1995 for $660,000, city records show.

ColdWater received an $8 million mortgage from CBRE Capital Markets Inc. secured by the property, according to city records.

Venegas said this is ColdWater’s second deal in the Denver area since he launched the firm in 2016. The firm purchased Lamar Station in Lakewood for $11.6 million in June 2016, according to county records.

Venegas said he has been investing in Denver properties for 10 years at previous firms, betting that the combination of a young, growing workforce in a city where single-family homes are relatively expensive make rental units a strong investment. Besides Denver, Coldwater is focusing on cities like Austin and Salt Lake City, he said.

parkwoodPlaza2

The 120-unit Parkwood Plaza apartment complex was sold for $10.7 million. (Amy DiPierro)

A Southern California firm has snapped up an apartment complex west of Federal Boulevard for $10.7 million.

ColdWater Partners, through Parkwood Plaza LLC, purchased the 120-unit property at 1436 S. Irving St. on March 2 from Denise B. Filakosky Revocable Trust, according to Denver property records. ColdWater principal Marc Venegas said he plans to invest a couple hundred thousand dollars renovating the exterior and the inside of apartments at Parkwood Plaza, which was built in 1981.

“It just fills a really good niche in terms of an affordable property located in a growing part of Denver,” said Venegas. “We’re targeting affordable workforce housing,” he said, at rents that restaurant employees or police officers can afford.

Andy Hellman of ARA Newmark represented the seller. The property last traded hands in 1995 for $660,000, city records show.

ColdWater received an $8 million mortgage from CBRE Capital Markets Inc. secured by the property, according to city records.

Venegas said this is ColdWater’s second deal in the Denver area since he launched the firm in 2016. The firm purchased Lamar Station in Lakewood for $11.6 million in June 2016, according to county records.

Venegas said he has been investing in Denver properties for 10 years at previous firms, betting that the combination of a young, growing workforce in a city where single-family homes are relatively expensive make rental units a strong investment. Besides Denver, Coldwater is focusing on cities like Austin and Salt Lake City, he said.

This story is for our paid subscribers only. Please become one of the thousands of BusinessDen members today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

POSTED IN Commercial Real Estate

Editor's Picks

Leave a Reply

Your email address will not be published. Required fields are marked *