Minneapolis-based Dominium purchased a 420-unit garden multifamily complex at 4775 Argonne St. in Denver from local firm Oakwood Homes for $33.57 million, or about $79,946 per unit.
Orchard Crossing is a three-story complex on 24.1 acres about 12 miles from Denver International Airport. The two-phase project was built in 1999 and 2001 and borders Green Valley Ranch, a master-planned neighborhood. The vacancy rate was 5% at closing.
The affordable housing community spent four years on the market. Orchard’s closing took more than 12 months to complete because the U.S. Department of Housing and Urban Development’s approval timeline took seven months.
Doug Andrews and Jeff Hawks, principals at Apartment Realty Advisors Denver, represented Oakwood. Chris Barnes was Dominium’s in-house representative.
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