KUALA LUMPUR, March 14 (Bernama) -- Besyata Investment Group and The Scharf Group, both New York-based single family offices, have acquired One Dartmouth Place in Denver, Colorado for a purchase price of US$65.5 million.
One Dartmouth Place is within five minutes of the Denver Tech Center.
BH Management, Besyata´s long-standing partner and leading property manager of over 70,000 apartments across 23 states, will handle the day-to-day property management and leasing.
One Dartmouth Place is a 418-unit Southeast Denver apartment community offering one of the most comprehensive amenity packages in its submarket as well as an abundance of nearby recreation, including a 27-hole public golf course, an 880-acre reservoir, and a 71-mile hiking trail.
The property sits within 20 minutes of roughly 30 per cent of Colorado's GDP, 36M SF of office space, 440,000 employees, and eight Fortune 1000 companies.
It is also within close proximity to some of the region's most popular retail attractions, including Park Meadows Mall, Colorado's largest indoor shopping centre.
Besyata and Scharf plan to add value to the property through gradual unit renovations in addition to amenity/common area enhancements to better compete with properties in the area.
Besyata focuses on the acquisition and development of multifamily and commercial properties nationwide while pursuing a value-add strategy.
The Scharf Group is owner, developer and operator of a large portfolio of commercial, multifamily, healthcare and senior housing properties nationwide.