Echo Real Estate acquired a two-building medical office development in the Lowry Field neighborhood of Denver for $8.6 million, less than half of what it sold for a few years ago. Healthcare Realty Trust was the seller. The properties sold for $18.8 million in 2019. Financing for the project was provided by AGP Capital and Aspen Funds.

Echo’s Oliver Plotkin said, “As value-add investors, we target well-located properties with strong fundamentals that need help being brought back to life.”

The buildings at 125 and 130 Rampart Way are 45% occupied by seven tenants. The 71,000-square-foot campus is anchored by Colorado Allergy and Asthma Centers, Denver Oral and Maxillofacial Surgery and U.S. Dermatology Partners.

The three-story medical office buildings are located near six hospitals: Saint Joseph Hospital, National Jewish Health, Presbyterian/St. Luke’s Medical Center, Rose Medical Center, the University of Colorado Anschutz Medical Campus and The Medical Center of Aurora.