brix on bellview

about this investment

Acquisition Date:

December, 2014

Disposition Date:

October, 2016

Purchase Price:

$12,690,000

Total Equity:

$4,730,000

Leverage on Acquisition:

68.0%

Realized Exit Valuation:

$25,750,000

Net IRR:

69.0%

Net Multiple:

2.50x

Brix on Belleview is a 175-unit multi-family complex in Englewood, Colorado near the Cherry Hills neighborhood. Brix on Belleview is conveniently located, offering access to both downtown Denver and the Denver Tech Center. The property boasts a ‘very walkable’ score of 70 with immediate access to several retail and entertainment options, including a newly built Sprouts Farmers Market just to the east. The property is also in close proximity to major drivers like downtown Littleton, the Littleton/Downtown Light Rail Station and Craig Hospital.

Brix on Belleview offers a variety of modern apartment living options, including fully equipped studio and one, two and three-bedroom floor plans ranging from 465 SF to 1,065 SF with an average unit size of 672 SF. Community amenities include a modern clubhouse/office (including a lounge area and leasing center), oversized pool with resurfaced deck, BBQ area, on-site laundry and secure building entrances.

Brix on Belleview was targeted for repositioning based upon significant enhancements to the building’s functionality, improved property management and operational efficiencies, which provided significant performance to the overall investment.

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