Arel Capital purchased a 142-unit apartment complex at 818 S. Dexter St. for $22 million. (Amy DiPierro)
A New York investment group has notched another 142 units in its Denver portfolio.
Arel Capital purchased a 1974 complex at 818 S. Dexter St. north of Infinity Park for $22 million on March 25, according to Denver records, for a per-door price of $157,042. City records show Arel has a $16.7 million mortgage from Capital One Multifamily Finance.
A leasing agent at the Dexter complex said a one-bedroom, one-bathroom apartment available next week will lease for $1,165 per month. The complex recently has been renovated and is touting $500 off the first month’s rent.
The Dexter complex sits on 2Â acres off Cherry Creek South Drive, near the border with Glendale. The seller is Dexter Lighthouse LLC, which picked up the apartments for $14.5 million in December 2015. Dexter lists its manager as Unique Properties co-owner Scott Shwayder, who did not return messages seeking comment.
Arel Capital took its first bite of Denver in 2015, gobbling up $11 million worth of Wash Park real estate in three deals totaling 80 apartments.
The firm then turned its attention to the Glendale area, buying 650 apartments in a series of deals in 2015. It moved into southeast Denver last year with a $78.5 million buy at Mississippi Avenue and Quebec Street.
Arel did not return a message seeking comment Tuesday.
Arel Capital purchased a 142-unit apartment complex at 818 S. Dexter St. for $22 million. (Amy DiPierro)
A New York investment group has notched another 142 units in its Denver portfolio.
Arel Capital purchased a 1974 complex at 818 S. Dexter St. north of Infinity Park for $22 million on March 25, according to Denver records, for a per-door price of $157,042. City records show Arel has a $16.7 million mortgage from Capital One Multifamily Finance.
A leasing agent at the Dexter complex said a one-bedroom, one-bathroom apartment available next week will lease for $1,165 per month. The complex recently has been renovated and is touting $500 off the first month’s rent.
The Dexter complex sits on 2Â acres off Cherry Creek South Drive, near the border with Glendale. The seller is Dexter Lighthouse LLC, which picked up the apartments for $14.5 million in December 2015. Dexter lists its manager as Unique Properties co-owner Scott Shwayder, who did not return messages seeking comment.
Arel Capital took its first bite of Denver in 2015, gobbling up $11 million worth of Wash Park real estate in three deals totaling 80 apartments.
The firm then turned its attention to the Glendale area, buying 650 apartments in a series of deals in 2015. It moved into southeast Denver last year with a $78.5 million buy at Mississippi Avenue and Quebec Street.
Arel did not return a message seeking comment Tuesday.
Leave a Reply