The Austin-based Productive Capital Associates has announced a partnership for the purchase of a 120-unit apartment complex in Denver known for its large student tenant base.
Productive Capital and Hybridge Capital Management paid $40 million to acquire The Villas, an upscale housing project located at 2555 31st Street near the Auraria Higher Education Center.
Hybridge Capital has since announced plans to upgrade the property.
Those plans include the building of a clubhouse, along with a gym and swimming pool. In line with a growing demand in the student housing category, The Villas will also see the construction of a dog park.
Specializing in Class B and C apartment communities, Productive Capital has recently repositioned large apartment communities in Columbus, Ohio, and central Texas, among other locations.
Hybridge Capital, with offices in Beverly Hills, describes its business model as one that partners with “seasoned sponsors” in any number of multifamily, hotel, retail, and office development projects.
According to reports, Hybridge regularly invests up to $10 million upgrading the properties it takes on.
The Villas, with monthly rents for 3-bedroom units topping out at around $2,800, is located to the north of downtown Denver, in a one-time industrial area that in recent years has seen a good deal of new apartment construction.
By Garry Boulard
