Investors pay $36M for Monaco South apartments

DENVER — A Denver-based investment group has acquired the Monaco South apartment complex for $36 million.

Grand Peaks Properties Inc. purchased the 220-unit complex at 2280 S. Monaco Parkway, in partnership with Aegon Asset Management, according to a press release from Newmark Knight Frank Multifamily, which brokered the transaction. The purchase price amounts to $163,636 per unit.

NKF vice chairmen Shane Ozment and Terrance Hunt, executive managing director Justin Hunt and senior managing director Andy Hellman represented the seller, Capital Real Estate LLC, , based in Denver.

“Monaco South offered investors the opportunity to acquire an asset with proven upside potential, centrally located between several employment hubs and retail options, in a strong multifamily market,” Ozment said in a prepared statement. “With only 15% of the units currently renovated, the new owner, Grand Peaks, plans a complete renovation of Monaco South for a significant increase to the asset’s bottom line.”

Constructed in 1971, Monaco South offers a mix of one- and two-bedroom apartments averaging 744 square feet. Amenities include two pools, a clubhouse, fitness center, playground, business center, elevators and covered parking.

Grand Peaks CEO Luke Simpson and president Nick Simpson founded Grand Peaks Properties Inc. to acquire, renovate and develop multifamily properties across the United States. The company has since grown into a multibillion-dollar company with properties and offices in Seattle, Washington; Portland, Oregon; Denver; Dallas and Fort Worth, Texas; and Miami and Fort Lauderdale, Florida.

Aegon Real Assets US is the primary real assets investment center in the United States for Aegon Asset Management, a global investment manager with $386 billion in assets under management/advisement.