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Phoenix & Southwest   /   April 26, 2021

Lisa Brown
By: Lisa Brown

Echo Ridge Offers Ample Remaining Value-Add Potential

The sale of Echo Ridge at North Hills, a 168-unit apartment community in Northglenn, CO, is in the transaction history books. It sold for $44.05 million to San Diego-based Pathfinder Partners.

Located in North Denver at 11450 Melody Dr., Echo Ridge offers a mix of spacious one- and two-bedroom units averaging 895 square feet. The property was built in 1999 and more than half of the units were renovated by the seller prior to the sale. All units include a washer and dryer, with select units offering fireplaces, mountain views and walk-in closets. Community amenities include a swimming pool, barbecue and picnic areas, fitness center and clubhouse.

CBRE’s Dan Woodward, David Potarf, Matthew Barnett and Jake Young represented the seller Griffis Blessing of Colorado Springs and Philadelphia-based LEM Capital in the transaction. CBRE capital markets’ debt and structured finance arranged the financing for the acquisition.

“Echo Ridge at North Hills attracted investor interest, thanks to its strong historical performance and its location in a thriving North Denver suburb. The property also offers proven renovation upside and ample remaining value-add potential,” said Potarf.

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About the Author

Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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