Quinlan Development Group and Leetsdale Acquisition Partners announced the $32.5 million acquisition of The Atrii Apartments, a 197-unit multifamily property located at 5100 Leetsdale Drive in Glendale, Colorado, a Denver suburb.
The transaction is a short sale representing a $17.1 million discount from its previous sale in 2021. The Denver Business Journal reports the seller, Montgomery Partners, bought the property in December 2021 for $49.6 million.
Originally built in 1974, The Atrii Apartments offers 197 units, a mix of 141 one-bedroom and 56 two-bedroom residences. In addition to the acquisition, ownership will rebrand and rename the property and make various enhancements, including upgrading unit interiors, resident amenity spaces and common areas. Colorado-based Urban Phenix will serve as the property management entity.
Quinlan Development Group and Leetsdale Acquisition Partners represented themselves in the transaction. Andy Hellman and Justin Hunt at CBRE represented the seller.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
