Granite Peak Buys Two Denver Multifamily Buildings for $15M

DENVER, CO-Granite Peak Partners of Santa Barbara, CA has closed escrow on two Denver apartment complexes, 79-unit Cherry Point Apartments and 137-unit Lancelot Apartments, for $15.63 million. Dan Woodward and Jordan Robbins in CBRE’s Denver office represented both the buyer and seller. Both properties are located within four miles of the Denver downtown area. “Denver is a lifestyle market that has strong rental market fundamentals and favorable demographics,” says Bruce Savett, a Granite Peak principal.

The purchases were made through Granite Peak Partners’ Growth and Income Fund II. The fund is designed for investors seeking current cash flow and future appreciation at the end of an estimated five-year holding period.