NEW YORK--(BUSINESS WIRE)--Besyata Investment Group and The Scharf Group, both NY-based single family offices, have acquired One Dartmouth Place in Denver, CO for a purchase price of $65.5 million.
BH Management, Besyata’s long-standing partner and leading property manager of 70,000+ apartments across 23 states, will handle the day-to-day property management and leasing.
The Property
One Dartmouth Place, within five minutes of the Denver Tech Center, 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.
Located less than a half mile from the Nine Mile Light Rail Station and I-225, the community benefits from convenient access to metro Denver. The property sits within 20 minutes of roughly 30% of Colorado’s GDP, 36M SF of office space, 440,000 employees, and 8 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 center.
Business Plan
By capitalizing on the exterior capital improvement program implemented by previous ownership, 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 Investment Group
A NY-based family office focused on the acquisition and development of multifamily and commercial properties nationwide while pursuing a value-add strategy. Besyata currently owns and operates a multifamily portfolio spanning nine states, consisting of 5,000+ units.
The Scharf Group
A NY-based fourth generation family office; owner, developer, and operator of a large portfolio of commercial, multifamily, healthcare & senior housing properties nationwide.
