Chicago Company Acquires Golden Apartment Complex For $62M
Draper and Kramer purchased the Epoque apartment complex, citing plans to wait for market improvement. The acquisition marks a significant investment in the Denver metro area.
Original reporting · bisnow.com
Original: “Golden Apartment Building Sells For $62M To Chicago Company”
Read “Golden Apartment Building Sells For $62M To Chicago Company” at Bisnow →)
How this was written. Westchester Made wrote this article with a language model from Bisnow’s reporting (model: @cf/meta/llama-3.3-70b-instruct-fp8-fast); it describes that reporting rather than adding to it. The original, linked above, is the full story.
Key points from Bisnow’s report
- Draper and Kramer has acquired the Epoque apartment complex in Golden, Colorado, for $62M.
- The Denver metro area is experiencing an oversupply of newly built apartment units, leading to decreased rent prices.
- Draper and Kramer plans to wait for market conditions to improve before making further investments in the area.
- The company has a strong portfolio of properties in the Denver metro area, including Tempo Nine Mile and The Wright.
- Draper and Kramer's investment strategy is focused on acquiring high-quality properties in desirable locations.
A recent transaction in the Denver metro area has drawn attention to the local multifamily market. According to Jefferson County property records, a Chicago-based company has acquired a 120-unit apartment complex in Golden, Colorado. The property, known as Epoque, was sold for $62M. This deal was first reported by the Denver Business Journal.
The buyer, Draper and Kramer, is a property and financial services company with a presence in several major cities. The company's portfolio includes properties in Chicago, Austin, and Dallas-Fort Worth, among others. Draper and Kramer already owns two other properties in the Denver metro area, including Tempo Nine Mile in Aurora and The Wright in Centennial.
The seller, Forum Investment Group, originally purchased the property in 2017 for $3M and subsequently developed the Epoque apartment complex. The complex features a range of amenities, including a game room, community garden, and outdoor lap pool. Units at Epoque vary in size, from studios to three-bedroom apartments.
The Denver metro area is currently experiencing an oversupply of newly built apartment units, leading to a strong renter's market and decreased rent prices. Nationally, the multifamily market is shifting due to oversupply and increased borrowing costs. As a result, Draper and Kramer expects to wait for market conditions to improve before making further investments in the area.
Denver's recovery from current market challenges is lagging behind other cities, according to Draper and Kramer's Chief Investment Officer. The city's regulatory environment has hindered the apartment market, contributing to the current slowdown. Despite these challenges, Draper and Kramer's investment in the Epoque apartment complex demonstrates the company's confidence in the long-term potential of the Denver metro area.
Draper and Kramer has been actively investing in the multifamily market, with a recent purchase of a luxury apartment building in a northern Chicago suburb for $126M. This deal was one of the largest transactions in the suburban Chicago area, as previously reported. The company's investment strategy is focused on acquiring high-quality properties in desirable locations, with the goal of generating strong returns for its investors.
The acquisition of the Epoque apartment complex marks a significant investment in the Denver metro area, despite current market challenges. As the multifamily market continues to evolve, companies like Draper and Kramer are adapting their strategies to navigate the changing landscape. With its strong portfolio and experienced management team, Draper and Kramer is well-positioned to capitalize on future opportunities in the Denver metro area. This article is based on reporting by Bisnow.
Questions and answers
What is the current state of the multifamily market in Denver?
The Denver metro area is experiencing an oversupply of newly built apartment units, leading to a strong renter's market and decreased rent prices.
What are Draper and Kramer's plans for future investments in the Denver metro area?
The company plans to wait for market conditions to improve before making further investments in the area.
What amenities are featured at the Epoque apartment complex?
The complex includes a game room, community garden, fitness center, and outdoor lap pool, among other amenities.
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