The Presidio Apartments at 4380 S. Monaco St. sold for $99 million. (Google Maps)
An apartment complex near the Denver Tech Center has struck a deal for new owners and a new name at a nearly nine-digit price tag.
The former Presidio Apartments complex at 4380 S. Monaco St. is now called Bell Denver Tech Center. The 6.88-acre property traded Tuesday from one out-of-state owner to another for $99.2 million, or $249,246 per unit, according to property records.
The name change reflects that of new owner Bell Partners, a company based out of Greensboro, North Carolina. Bell has apartments in 13 states and Washington, D.C., with five properties in Colorado that total 2,663 units.
The seller is San Diego-based Fairfield Residential, which operates in 20 states and Washington, D.C., and has four other complexes in Colorado, according to its website. Fairfield originally bought the property for $3.6 million in 2006.
A leasing agent at Bell Denver Tech Center said a one-bedroom, 687-square-foot apartment costs $1,400 per month. The 398-unit complex is 97 percent occupied.
Other Tech Center apartments also recently sold. The 304-unit Alara Greenwood Village sold last week for $91 million, while the 160-unit Arabella Apartments sold last month for $30 million.
The Presidio Apartments at 4380 S. Monaco St. sold for $99 million. (Google Maps)
An apartment complex near the Denver Tech Center has struck a deal for new owners and a new name at a nearly nine-digit price tag.
The former Presidio Apartments complex at 4380 S. Monaco St. is now called Bell Denver Tech Center. The 6.88-acre property traded Tuesday from one out-of-state owner to another for $99.2 million, or $249,246 per unit, according to property records.
The name change reflects that of new owner Bell Partners, a company based out of Greensboro, North Carolina. Bell has apartments in 13 states and Washington, D.C., with five properties in Colorado that total 2,663 units.
The seller is San Diego-based Fairfield Residential, which operates in 20 states and Washington, D.C., and has four other complexes in Colorado, according to its website. Fairfield originally bought the property for $3.6 million in 2006.
A leasing agent at Bell Denver Tech Center said a one-bedroom, 687-square-foot apartment costs $1,400 per month. The 398-unit complex is 97 percent occupied.
Other Tech Center apartments also recently sold. The 304-unit Alara Greenwood Village sold last week for $91 million, while the 160-unit Arabella Apartments sold last month for $30 million.
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