Denver complex sold at below replacement cost

JV buyer seeks upside potential through upgrades

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Highline on Cherry Creek, a 216-unit apartment community in Denver, Colo., has sold to a joint venture for an undisclosed price. Pacific Coast Capital Partners LLC and locally based Griffis Value Added Fund LLC purchased the property from Englewood, Colo.-based Loup Development Co., who is also the property's developer. Built in 2004, Highline on Cherry Creek is a nine-building apartment community situated on an 11-acre site. Located at 8252 East Harvard Ave., the community was 95 percent occupied at the close of escrow and consists of units ranging in size from 736 square feet to 1,207 square feet. The gated community features a fully outfitted clubhouse, fitness center, playground, and a resort-style swimming pool and hot tub with WiFi available pool-side. According to Gary Melman of Pacific Coast Capital Partners, the property was purchased at a price below replacement cost with upside potential through improved management and a modest upgrade to the property. ...