In an off-market sale, Denver-based real estate investment firms Strat Ventures and Capital Zeme have acquired Lyric No. 39, a newly constructed six-story mixed-use development in Denver’s Berkeley neighborhood, from the developer Alpine investments. The $20.4 million purchase marks the companies’ first partnership and Strat Ventures’ fourth and largest investment in Denver in 13 months.
Real Estate Veteran Derek Conn founded Zeme Capital following his seven-year tenure at Etkin Johnson Real Estate Partners. Spencer Paris founded real estate investment firm Strat Ventures in 2020.
“Lyric No. 39 offers a unique opportunity for residents and retailers to be in the heart of the Berkeley neighborhood,” said Spencer Pariser, Founder and CEO of Strat Ventures. “We specialize in identifying assets with outsized potential for success, and Lyric No. 39 definitely meets all of our investment criteria. We are excited to have a lasting impact on this neighborhood for years to come, providing a differentiated, high-quality product in such an important corner of a growing Denver neighborhood with strong tenant demographics.
Located on the southeast corner of 39th Avenue and Tennyson Street, Lyric No. 39 offers 39 upscale studio, one-bedroom, and two-bedroom apartments. The building features 4,185 square feet of ground floor retail, a rooftop terrace, structured resident parking, tasteful modern finishes and appliances, and stunning views of the Rocky Mountains and downtown. -city of Denver. The mix of units has been meticulously designed to ensure above average unit sizes, which include dual sinks in each master bathroom and washers and dryers in each unit. Additionally, 25 of the 39 units have their own private outdoor space.
“This is the first of many transactions for Zeme Capital, and I am honored to work with such great partners,” Conn said. “Our partnership plans to retain the asset for the long term, as we believe in the continued strength of the Berkeley neighborhood as a magnet for new and existing Colorados. This neighborhood is less than ten minutes from downtown Denver. with access to I-70 and I-25 Its walkable shopping district along Tennyson Street is hard to find outside of the CBD and offers residents a variety of dining, shopping and shopping options. entertainment.
Despite the neighborhood’s popularity, the supply of multi-family housing in Berkeley is limited. The concentration of multifamily construction in downtown Denver, combined with zoning constraints in and around Tennyson Street, has had a direct impact on the growth of the area.
the JLL Capital Markets The team was led by Senior General Manager Eric Tupler and General Manager Tony Nargi. JLL’s senior manager, Robert Bratley, represented the seller.
“We’ve had very strong lender interest in Lyric No. 39 given the unique asset quality, incredible location and strong local sponsorship,” Nargi said. “Both Strat and Zeme have extremely bright futures ahead of them, and it was a pleasure to work with them on this outstanding pre-stabilized transaction.”
Construction of Lyric No. 39 was completed in the fourth quarter of 2021. Residential and commercial leasing efforts are underway with Christina Freyer Walker of Colorado & Company and Sam Zaitz and Jeff Feldman of JLL, respectively.
In 2021, Strat Ventures also acquired The Elaine Apartments at 1424 Pennsylvania Ave., The Ernest at 661 North Pearl St., and 335 North Sherman St. Strat’s portfolio now includes 107 multi-family units in Denver.