June 23, 2017
New York-based Phoenix Realty Group (PRG) acquired Silver Cliff Apartment Homes, a 312-unit, Class B multifamily property in Englewood, CO for $57.8 million. The investment was made jointly with an undisclosed third-party family office and discretionary affiliated investment vehicles.
“We are excited to expand PRG’s presence in the Denver metropolitan region and implement our capital improvement plan for the property,” said PRG’s Keith Rosenthal. “We believe there is a significant opportunity to improve the property value, attract new tenants looking for state-of-the-art amenities and contemporary apartment units, and execute on operating improvements and energy efficiency programs to create expense savings.”
Located at 5275 S. Delaware St., south of Denver, the property is set for renovation to modernize the asset. The new owners also plan to rebrand it Alvista Trailside, to reflect and promote the property’s direct access to the Big Dry Creek Trail, which connects to the Denver park system.
For comments, questions or concerns, please contact Dennis Kaiser