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December 4, 2020 Comments Off on Tower 16 Claims First Denver Multifamily Project Views: 625 Phoenix & Southwest News, Southwest News

Tower 16 Claims First Denver Multifamily Project

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San Diego-based Tower 16 Capital Partners and New York-based Dune Real Estate Partners acquired the Fairways at Lowry Apartments in Aurora for $68.45 million. The 450-unit multifamily project was sold by Fairways at Lowry Aurora, LLC and D&J Aurora LLC.

Tower 16’s Tyler Pruett says, “The project represents our first investment in the Denver MSA, which we believe is poised for future rent growth due to the strong demand for workforce housing.” Tower 16 plans to acquire a portfolio of 2,000 units in the next 18 months.

The property is located at 9913 E. 1st Ave. near the Lowry master-planned development. The community consists of one- and two-bedroom apartments with a large clubhouse, gym, swimming pool and playground. Tower 16 will be overseeing $6.8 million in property upgrades and renovations.

Newmark’s Terrance Hunt, Shane Ozment, Amanda Meldrum and Craig Ratterman represented both parties. Newmark’s Charlie Williams, David Treadwell and Tim Weldon coordinated debt financing.

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