DENVER—TruAmerica Multifamily, and partner Capri Capital Partners have acquired Veranda Highpointe Apartments, a 362-unit class A multifamily development in Denver with a familiar price tag of $105 million.

Earlier this week GlobeSt learned that TruAmerica had purchased a $105-million, five-property portfolio in the Pacific Northwest, in a deal that also had a $105 million selling price.

The Denver property, acquired from from Forum Real Estate Group, was built in 2014. The 5-story multifamily complex offers a mix of studio, one-, two- and three-bedroom floor plans, and a variety of resort-style amenities including a heated swimming pool with a unique 'lazy river,' two-story clubhouse, state-of-the-art fitness center, yoga studio, sports court, community kitchen, dog walking path, rooftop lounge and structured parking. Located at 6343 E. Girard Place, Veranda Highpointe Apartments is situated within seven miles of downtown Denver and 1.5 miles of the Denver Tech Center (DTC). The Southmoor Light Rail Station, which is less than one half-mile from the property, offers convenient access to both downtown and the DTC.
"Millennials make up approximately 40% of the Denver workforce and population, yet many have been priced out of most of the urban areas where young urban professionals typically would like to live," said TruAmerica director of acquisition and investor relations Noah Hochman. "This was an opportunity to acquire a high quality asset in an in-fill location that was built and priced to appeal to Denver's largest demographic."
With Thursday's closing, TruAmerica's Denver portfolio totals 2,037 units. One of the most active buyers of multifamily assets in the United States, Los Angeles-based TruAmerica focuses on acquiring properties to provide higher quality and affordable rental units for working class families and young professionals that are priced out of urban locations. In addition, the company focuses on high quality amenity rich class A transit oriented developments in growing urban neighborhoods where homeownership is unaffordable. Last year, the TruAmerica/Capri partnership acquired The Vermont, a newly constructed 464-unit luxury high-rise apartment complex along Wilshire Boulevard in Los Angeles.
"Veranda is a prized asset in one of Denver's most desirable areas, and we can improve operational efficiencies through our vertically integrated asset and construction management platform," said Hochman. "We will also undertake selective capital improvement projects and enhance the unit interiors with higher end finishes and additional high-tech features for residents. The property has more amenities than any other building in the neighborhood and we want to make sure these are activated with good resident programming that will provide a sense of community."