Cross Mountain Capital acquires $8.8 million apartment complex in Colorado
Cross Mountain Capital, a US-based real estate investment firm, has completed the acquisition of an $8.8 million apartment complex in Colorado.
The 54-unit is located at 2660 Ingalls street in Edgewater, an upcoming suburb in Denver.
Austin-based multifamily acquisitions firm Offerd was a co-sponsor in the transaction, while the bridge debt was provided by LaSalle Debt Investors.
Cross Mountain Capital is partnering with RIO Real Estate as property manager. The real estate investment firm has allocated more than $1 million for building improvements, with plans to undertake rebranding, updates of interior, and adding indoor and outdoor amenities for transforming the complex.
Michael Gilman – Founder and Managing Principal of Cross Mountain Capital said: “This transaction marks our first acquisition outside of our existing tertiary markets in the Northeast.
“We retained Offerd to locate Class B and C assets in the Intermountain West, further to the investment thesis that the exceptional federal monetary easing cycle will continue creating asset inflation, and, as a result, Class B and C Multifamily will be one of the safest asset classes.”