DENVER, CO – Continental Realty Assets, a Denver-based subsidiary of Continental Realty Group, and GTIS Partners, a global real estate investment firm that manages $4.7 billion in gross assets with a focus on residential and industrialists, announced the completion of two joint ventures between the companies with the sale of 240 San Palmas apartments in Chandler, AZ and 256 Canyon Reserve units at the Ranch in Westminster, CO. San Palmas and Canyon Reserve were brokered by the local teams of CBRE and JLL, respectively.
David Snyder, President of Continental Realty Group, said, “We are extremely pleased with each community’s successful period of ownership. In just a few years, we have been able to significantly improve the San Palmas and Canyon Preserve through the exterior, common area, and interior of the unit. We achieved our goal of positioning each property to take advantage of a trifecta of opportunity – value-added properties, in an exceptional sub-market and located in strong global markets like Phoenix and Denver that we had identified through our market research as likely to see growing rental demand.” Robert Ireland, CRA’s Chief Investment Officer, added: “We are grateful for our partnership with GTIS and look forward to continuing to execute our data-driven methodology as that we are looking for new acquisition opportunities.
In San Palmas, which was acquired in February 2018, the partnership has invested nearly $4 million in improving common areas, amenities and community unit upgrades for more than half of the units. San Palmas, built in 1998, boasts one of Phoenix’s strongest locations near the Chandler Fashion Center, walking distance to Whole Foods and with over 640,000 jobs within 10 miles of the property.
The partnership acquired Canyon Reserve in August 2017 and has invested nearly $2 million in renovating common areas and unit interiors in nearly a third of the units at the property, which was built in 1984. Westminster is a highly desirable metro suburb of Denver. due to its proximity to major employment hubs such as Interlocken Business Park and downtown Denver. The property also benefits from easy access to retail and entertainment options including Thorncreek Crossing, Orchard Town Center and Flatiron Crossing.
Theodore Karatz, Managing Director of GTIS, said: “The sale of the two multi-family assets came at the right time and resulted in strong risk-adjusted returns for our investor-partners. These transactions represent the kinds of opportunities that GTIS pursues – in markets with strong fundamentals where we are able to work alongside leading operators such as CRA, a company that has proven to be an excellent partner for we.”
David Pahl, Managing Director of GTIS, added: “The ARC did a terrific job on the ‘value add’ part, delivering the renovations on time and on budget which enabled us to sell the assets. earlier than originally planned. Our investments in these communities will provide significant and tangible benefits to residents for years to come, and we are extremely proud of the work accomplished by our teams. »