G
reystar has acquired the 312-unit Dove Valley Apartments, located south of Denver, for $95.15 million. The price per unit, approximately $304,968, falls within the range of recent multifamily deals in the area. The South Carolina-based investor, led by Bob Faith, purchased the three-story complex at 7550 South Blackhawk Street in unincorporated Englewood.

    The luxury apartments, built in 2000, feature one-, two- and three-bedroom units with amenities such as in-home washers and dryers, garden tubs, private patios or balconies, a pool and spa, fitness center, movie theater, basketball court, resident cafe, and dog park. The complex has traded hands before, selling for $38.1 million in 2011.

    Greystar's purchase is part of a larger trend in the Denver area, where investors are snapping up multifamily properties while office properties decline in value. In recent weeks, investors have acquired a 338-unit complex in Aurora and a 302-unit complex in Uptown Denver. With $320 billion in assets under management globally, Greystar has expanded its portfolio to nearly 3,600 apartment complexes with over 1 million units and/or student beds.