WILMETTE, IL - Laramar Group, a leading national real estate investment company, has completed the acquisition of Southglenn Place, a 135-unit multifamily community in the greater Denver market.
The 1970 vintage property at 6541 S. Vine St. in Centennial, CO is located in an affluent and supply-constrained section of Denver where there is limited new development in the pipeline or planning stages. The development is located on two major thoroughfares in the area, Arapahoe Road and University Boulevard, and provides connectivity to area retail, entertainment and employment venues. Laramar plans to renovate the property, which includes mostly one-bedroom units.
“This is an excellent opportunity for Laramar to acquire a value-add multifamily property in an affluent area of Denver that is experiencing strong demand for housing,” said Brandon Krantz, Senior Director of Investments for Laramar. “We plan to renovate the property to create a more modern, vibrant community while also maintaining rents at a significant discount when compared to home ownership in the area.”
The seller was a private investor. Financial terms were not disclosed.
Laramar will continue with a modernization plan begun by the previous owner, including upgrading the remaining rental units to include new kitchen countertops, cabinets, stainless steel appliances, vinyl plank flooring, tile shower surrounds and new plumbing and lighting fixtures. The plan also includes upgrading mechanical and HVAC systems throughout the property.
The exterior of the property will be enhanced with repairs and upgrades to the parking lot, stairways, walkways, curbs, sidewalks, roof and gutters. These renovations are designed to improve the resident experience and enhance the curb appeal of the property.
The property amenities include outdoor grills, fire pits, a lounge area, games and off-street parking.
The development is across the street from The Streets at Southglenn, a 77-acre, 590,000-square-foot mixed use development anchored by Whole Foods, Regal Cinemas, Staples and other national retail brands. The property also is within walking distance to the 100-acre deKoevend park and the 80,000-square-foot Goodson Recreation Center. It is also 10 minutes from I-25 on the east, allowing for quick access to Denver’s highway system.
The Denver MSA is a strong and growing employment base with 10 Fortune 500 companies headquartered in the market. Over the past year, nearly 12,000 new jobs have been added to the market, with thousands more expected due to the addition of the Colorado Aerotropolis. At the end of Q2 2024, the Denver metro had 23,290 multifamily units under construction with 20,472 expected to complete in the next four quarters, but none of those are in proximity to Southglenn Place.
Founded in 1989, Laramar Group is a distinguished national real estate investment corporation with a multi-billion-dollar portfolio. For 35 years, Laramar has delivered quality service to the real estate industry. Laramar has a presence in over 15 markets, with historical presence in 50+ markets, from coast to coast and maintains corporate offices in Chicago and Denver.