Canadian Investor Sells 328-Unit Lugano Cherry Creek for $99M

Brass Enterprises disposed of Lugano Cherry Creek, a 328-unit multifamily complex on East Iliff Avenue in Denver. Minnesota-based IRET Apartments paid the Canadian seller $99 million for the property, which delivered in 2010.

“This is a rare opportunity to provide slight modifications to the well-constructed asset that even now features large units with modern touches and full amenities,” said Terrance Hunt with NKF, who partnered with NKF colleague Shane Ozment to represent the seller. “You can count on one hand the amount of apartment properties built in 2010 for metro Denver, therefore, this is a unique value-add for an investor.”

Brass Enterprises acquired the property for $67 million in 2015.

Lugano Cherry Creek, at 9601 E. Illif, offers one-, two- and three-unit floorplans. Community amenities include a resort-style swimming pool and spa with heated deck, 24-hour fitness center, a 4.5-acdre private park, outdoor lounge with fire pit and two structured parking garages.

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