CIM Group acquires one of Denver’s largest multi-family properties
The CIM Group has acquired The Lex at Lowry, one of seven apartment properties with more than 700 units in the Denver metro area. The 710 unit apartment community is located on approximately 26 acres at 240 S. Monaco Pkwy. in Denver. The acquisition expands CIM Group’s residential portfolio in the Denver area to more than 1,300 units. A sale price was not disclosed.
Originally built in 1972, The Lex at Lowry consists of 24 buildings, a combination of townhouses and mid-rise units, and 1,204 parking spaces. The property enjoys a central location between Lowry and Cherry Creek on the east side of Denver. Today, the Lowry area is a sought-after community with a mix of single and multi-family housing, a variety of retail and restaurant options, offices, and over 800 acres of recreational facilities and open spaces. .
“The CIM Group team has extensive experience in large and well-located multi-family communities in markets across the country, which they bring to the ownership and operations of The Lex at Lowry. With a prime location in a thriving metropolitan market, nearby business centers and regional transportation, The Lex at Lowry provides quality housing for this vibrant area that aligns with the CIM Group’s community focus ” said Shaul Kuba, co-founder and director of CIM Group.
The Lex at Lowry offers a range of residences ranging from one- to three-bedroom apartments and townhouses, configured in a range of spacious floor plans. It also provides residents with highly sought-after community amenities including multiple swimming pools, tennis courts, a yoga and spin studio, racquetball court, indoor basketball court, fitness center, and facilities. business and conference.
CIM has been an owner, developer and operator active in Denver for over 10 years. CIM’s Denver portfolio includes 9th + Co, a mixed-use infill urban project with a variety of retail, dining and entertainment options as well as residential options including 275 Theo and 319 unit apartment buildings. Milo, and Ella CityHomes at 9th + Co, a collection of 35 luxury townhouses for sale. CIM also owns and operates LoDo Towers, two high-rise office buildings totaling approximately 421,000 square feet in lower downtown Denver.
Photo courtesy of ICM