### 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 suburb of Denver. The purchase price was $32.5 million.
This transaction was a short sale, reflecting a $17.1 million discount from its previous sale in 2021. According to the *Denver Business Journal*, the seller, Montgomery Partners, had originally acquired the property in December 2021 for $49.6 million.
Built in 1974, The Atrii Apartments comprises 197 units, including 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 significant upgrades, including interior renovations, improvements to resident amenities, and enhancements to common areas. Colorado-based Urban Phenix has been selected to manage the property.
Quinlan Development Group and Leetsdale Acquisition Partners represented themselves in the transaction, while Andy Hellman and Justin Hunt of CBRE represented the seller.
