DENVER, CO – Denver-based Continental Realty Assets, a subsidiary of Continental Realty Group, and GTIS Partners, a global real estate investment firm that manages $4.7 billion in yucky assets with a focus on residential and industrial investments, announced the completion of two joint-ventures between the firms with the sale of 240-unit San Palmas Apartments in Chandler, AZ and 256-unit Canyon Reserve at the Ranch in Westminster, CO. San Palmas and Canyon Reserve were brokered by the local teams of CBRE and JLL, respectively.
David Snyder, Continental Realty Group’s President, said, “We are extremely pleased with the successful ownership period of each community. In just a few years, we were able to greatly improve San Palmas and Canyon Reserve through exterior, common area, and unit interior upgrade programs. We accomplished our goal of positioning each property to take advantage of a trifecta of opportunities – properties with value-add upside, in an exceptional submarket, and located in strong overall markets like Phoenix and Denver which we had identified through our market research as likely to see growing rental demand.” Robert Ireland, CRA’s Managing Director of Investments, added, “We are grateful for our partnership with GTIS and look forward to continuing to do our data-driven methodology as we seek new acquisition opportunities.”
At San Palmas, which was bought in February 2018, the partnership invested nearly $4 million into improvements in the community’s common areas, amenities, and unit upgrades for over half of the units. San Palmas, built in 1998, benefits from one of the strongest locations in Phoenix near the Chandler Fashion Center, within walking distance to Whole Foods, and with over 640,000 jobs within 10 miles of the property.
The partnership bought Canyon Reserve in August 2017 and invested nearly $2 million in common area and unit interior renovations in nearly one-third of the units at the property, which was built in 1984. Westminster is a highly sought-after suburb in the Denver metro area due to its proximity to major employment hubs such as Interlocken Business Park and Downtown Denver. The property also benefits from simple access to retail and entertainment options including Thorncreek Crossing, Orchard Town Center, and Flatiron Crossing.
Theodore Karatz, Managing Director at GTIS said, “The sale of the two multi-family assets were well timed and resulted in strong, risk-adjusted returns for our investor-partners. These transactions represent the types of opportunities pursued by GTIS – in markets with strong fundamentals where we are able to work alongside leading operators such as CRA, a firm that has proved to be a fantastic partner to us.”
David Pahl, Managing Director at GTIS, added: “CRA did a tremendous job on the “value-add” piece, delivering the renovations on time and on budget, allowing us to sell the assets earlier than originally plotted. Our investments into these communities will provide significant, tangible benefits to residents for years to come, and we are incredibly proud of the work our teams have done.”

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AURORA, CO – FCP announces its third Colorado multifamily acquisition in less than two months with the $114 million joint venture recapitalization with BMC of Aurora Meadows, a 461-unit apartment community at 777 Dillon Way in Aurora, CO. With the Aurora Meadows investment, FCP’s Colorado multifamily portfolio includes three apartment communities with a total of 1,736 units.
“Expanding our portfolio in Colorado with BMC strengthens our market position alongside an existing partner,” said FCP’s Bart Hurlbut. “Together we will oversee a $12 million renovation plot for the property, modernizing units and common areas and improving several amenities.”
“We are excited to add another investment to the growing relationship with FCP,” said Jeff Stonger, Chief Investment Officer of BMC Investments. “This partnership with FCP is very synergistic and allows both groups to grow and scale across new markets and strategies together. BMC is highly focused on delivering high-quality, but affordable workforce housing options in the neighborhoods in which we invest,” added Stonger. “With FCP as our capital partner, we are able do that vision and deliver on our commitment to these communities.”
Aurora Meadows is well-located in Aurora, near one of Denver’s largest employment centers with simple access to main Denver thoroughfare, I-225. The community is blocks from the new Fitzsimons Light Rail stop, Fitzsimons Medical Campus, and abundant retail and dining amenities. Aurora Meadows features a mix of studio, one- and two-bedroom apartments with convenient on-site amenities.

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HOUSTON, TX – Stoneweg U.S., a real estate investment firm specializing in multifamily acquisitions and developments, announced the acquisition of Ashford Apartments, a 312-unit, Class A community located in the heart of Houston, Texas. The investment marks the company’s first acquisition in the ever-well loved Houston MSA; the 5th largest MSA in the US.
“Historically, our Texas and neighboring Southwest market-based assets have performed well for us, so strategically, adding Houston to the mix made a lot of sense,” said Matthew Levy, Head of Investments for Stoneweg US. “With population growth projections surpassing 60% over the next 10 years in Houston, and steady job creation to accompany the accelerated growth, we’re extremely pleased to enter this robust market with such a high-caliber asset like Ashford Apartments.”
Conveniently located 17 miles west of Downtown Houston in the heart of the Energy Corridor, Ashford Apartments features 312 luxury units with modern designs that include 10′ ceilings, stainless steel appliances, smart thermostats, keyless unit entry, hardwood floors, rich mahogany cabinetry, built-in wine cellars, and floor-to-ceiling windows that provide ample natural lighting. Exterior amenities, best-in-class and superior to those of neighboring communities, include a 2-tale elite fitness center, bark park, cycling studio, and grilling stations and pergolas to accompany a generous resort-style pool. Ashford’s ideal location offers immediate access to major highways for commuters traveling to well loved Houston destinations and employment centers including the Energy Corridor, Texas Medical Center, and Downtown Houston, all home to some of the MSA’s largest employers.
“An abbreviated value-add strategy is anticipated to be applied to the already brilliant condition of Ashford Apartments, thus allowing us to focus our attention on maximizing operations and delivering strong, long-term results,” said Director of Acquisitions, Garrett Pisarik.

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