Local owner sells rest of apartment portfolio to New York firm for $30M
A local firm that sold an apartment building to a New York-based company last March has now unloaded the rest of its portfolio to the same buyer.
Classic Properties of Denver received $30 million last month for its four remaining buildings in City Park West, Cap Hill and Cheesman Park, according to public records. The buyer was New York-based Urban American Management.
The specific buildings sold were:
• The three-story Leetonia, which was built in 1930 and has 32 units, at 1510-1515 Vine St. for $9.89 million;
• The El Cortez, which was built in 1928 and has 32 units across three stories, at 608 E. 12th Ave. for $6.97 million;
• The Dalton, built in 1926 with 26 units across two stories, at 1235 E. 12th Ave. for $6.87 million;
• The Clarkson Apartments, built in 1926 with 23 units across three stories, at 940-950 Clarkson St. for $6.26 million, according to property records.
Urban American also purchased the property which houses Salon Lucid at 2021 E. Colfax Ave. as part of the Leetonia buy.
Last March, Urban American acquired The Kentom Apartments, a four-story building at 1540 Grant St., for $8.45 million from Classic Properties, records show.
Classic Properties, which was established in 1999, is owned by husband and wife Ted Oyler and Lesa Ragains, according to its website.
Urban American, led by CEO Phillip Eisenberg, owns and manages apartments in New York City, New Jersey, Texas and Colorado, according to its website.
Urban American, which was founded in 1997, currently owns and manages more than 7,000 apartments and has invested more than $3 billion of equity in the acquisition and improvement of more than 20,000 units, according to a news release.
Both property management companies did not respond to a request for comment.
In October, Urban American made its second Denver acquisition through a joint venture with New York-based Madison International Realty.
The companies purchased the Marquis at the Parkway, a 460-unit multifamily community at 1170 Galapago St. in Lincoln Park, according to the news release.