Westminster apartments sell for second time in 20 months

WESTMINSTER — Summit Properties Inc. sold Willowbrook Apartments to an investment fund led by Epic Investment Services and Township Capital.

Summit bought the 95-unit complex in February 2020 from Halaby Capital for $11.7 million or $124,000 per unit. Both companies are in Denver.

Summit sold for $16.55 million, or $174,000 a unit. Selling broker was Colliers, via its multifamily group in Denver; the buyer was self-represented.

The buy was the second under Epic’s $60 million U.S. Multifamily Fund I, which closed in June. Township Capital is a lead investor in the fund. Epic is based in Toronto with an office in Denver; Township is in Beverly Hills, California.

The fund generally buys older or under-managed multifamily assets 10 to 40 years old with a mix of unit sizes, no recent renovations, or above-market vacancies, that it can renovate and sell, a press release said.

Willowbrook is 100% occupied and a mile from a light rail station for Denver commuters. The complex, built in 1973, will see about half the units renovated.

“We see significant potential for value creation,” Jeffrey Kohn, Epic co-CEO, said in the release.

Epic has 30 million square feet and $17.5 billion in assets under management across property types.

© 2021 BizWest Media LLC