The company recently announced the acquisition of the 138-unit Apex on the Highline in Aurora, Colo., for $31 million.
DB Capital entered the Denver market in October when it acquired the Red Owl Apartments for $16.2 million. It has since announced the goal of growing its portfolio in the area to 1,000 units by the end of 2022.
“We see significant opportunity in the suburban submarkets and plan to aggressively pursue acquisitions to further grow economies of scale and establish a foothold in the Denver market. We like to target deals that fly just under the institutional radar where we feel like assets are not always priced to perfection,” Brennen Degner, chief executive and co-founder of DB Capital Management, said in a statement. “This allows us to find great opportunities, deliver above-market returns to our investors and still build scale quickly, which allows for optimal operational efficiencies.”
DB Capital’s most recent acquisition, Apex on the Highline, was 99% occupied at the time of the sale. The complex, which was built in 1984, is located at 15597 E. Ford Circle on the 71-mile-long Highline Canal Trail.
The company will renovate the property, focusing on the exterior. It will upgrade the fitness center and pool and deck area. The company will also add a basketball court, courtyard area, package lockers and landscaping as well as updating the units.
Aurora, according to DB Capital, has asking rents 12% below the Denver area average, which attracts renters and translates into low vacancy rates.
“While the property had been well-
