### Quinlan Development Group and Leetsdale Acquisition Partners Acquire The Atrii Apartments for $32.5M
Quinlan Development Group and Leetsdale Acquisition Partners have announced the acquisition of The Atrii Apartments, a 197-unit multifamily property located at 5100 Leetsdale Drive in Glendale, a Denver suburb. The purchase price of $32.5 million represents a significant discount of $17.1 million from its previous sale in 2021.
The seller, Montgomery Partners, had originally acquired the property in December 2021 for $49.6 million. The transaction was a short sale, reflecting shifting market conditions.
Built in 1974, The Atrii Apartments includes 197 units, offering a mix of 141 one-bedroom and 56 two-bedroom residences. As part of the acquisition, the new ownership plans to rebrand and rename the property while implementing extensive upgrades. The planned improvements include renovations to unit interiors, resident amenity spaces, and common areas. Property management will be handled by Colorado-based Urban Phenix.
Quinlan Development Group and Leetsdale Acquisition Partners represented themselves in the transaction, while Andy Hellman and Justin Hunt of CBRE represented the seller.
