The Metro is located on 5.6 acres at 2121 Delgany St. in Denver's Lower Downtown district, near Coors Field. It was 89% occupied at the time of sale. A wood-frame development with structured parking, the buildings have flat roofs, brick, stone front stairs, and exposed steel and warehouse windows. Amenities include a club room, a business center and a fitness center. The project won the ULI's Pillars of the Industry award in 2004.

"The best way to portray this is by saying it was a 'per-pound buy'; cap rate was not a driving factor," says one local source. "It was acquired for approximately $132,000 per door and would cost easily $200,000 per door to build today."

The benefit for Rreef is that the asset could sell for more than was owed on it, according to the source, which means that Rreef could pull a little cash out of the deal. Despite the discount to replacement cost, the sale marks the largest multifamily transaction in Denver in 2009.