FPM pays $30M ($170k/unit) for Civic Lofts Apartments in the Golden Triangle from Centerspace for less than half its 2021 price

Multifamily

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Denver Business Journal

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• Subcategory: Sale

• Tag: MF: Highrise

• Additional Filters-Subcategory: Sale: Investment, Sale: Single Property

• Additional Filters-Tags: Centerspace (NYSE: CSR), Four Peaks Multifamily Partners (FPM)

Highlights
Civic Lofts apartments sold for $30 million, down 48% from its 2021 purchase price.
The Golden Triangle submarket faces excess apartment supply, forcing buildings to offer steep concessions.
FPM Partners, a Los Angeles-based private equity firm, acquired the 176-unit Denver building.