Marking its entree into Denver, Willow Creek Partners of Virginia recently acquired The Croft Apartments located at 7200 Evans Ave. for $29.5 million. The property was 99 percent leased at the time of sale.

“Denver has been a high priority market for us, and The Croft represents the perfect entree for us into the Denver market. It is ideally located next to the High Line Canal Trail and presents our residents with easy access to both downtown Denver and the Denver Tech Center,” said Matt Brady, CEO and founder of Willow Creek Partners.

Built in 1974, The Croft consists of two six-story rental buildings on 4.4 acres. The community has 138 apartments, both one- and two-bedroom floorplans, with an average unit size of 732 square feet.

Dan Woodward, David Potarf, Matt Barnett and Jake Young with CBRE represented the seller, Colorado-based Summit Communities, along with partner DVO Real Estate.

“The Croft attracted investor interest for its value-add potential and location in a strong infill neighborhood in southeast Denver. The seller completed extensive capital improvements prior to the sale, which had already increased the property’s value. Further renovations hold promise for continued growth,” said Young.

Capital improvements made in the past several years include a complete rebrand with common area upgrades and system improvements to buildings and units. The seller also recently completed an extensive renovation on most unit interiors, adding washers and dryers, new carpet, flooring, granite countertops, fixtures, stainless steel appliances and new window coverings.  

The Croft is located at the intersection of East Evans Avenue and South Quebec Street, adjacent to the High Line Canal recreational trail and across the street from the Central Park Shopping Center. Denver’s two largest employment centers, the Denver Tech Center and downtown, are both within a 10- to 20-minute drive.