Allied Orion Expands Denver Management Portfolio
The Arel Capital-owned 141-unit property is the seventh residential asset to join The Collective Glendale, a 793-unit portfolio located near Infinity Park.
By Evelina Croitoru
Allied Orion Group has received the management assignment for 180 Flats, a 141-unit residential asset in Denver. The property is part of Arel Capital’s The Collective Glendale, a collection of 793 apartment units in the Metro Denver area managed by Allied Orion Group.
The property’s unit mix consists of one-bedroom and two-bedroom floorplans averaging 744 square feet and including updated design flooring, refurbished kitchens with tile backsplashes and stainless steel appliances, new cabinetry, renovated bathrooms and spacious balconies. Located at 818 S. Dexter St., 180 Flats features amenities such as a business center, a clubhouse, a swimming pool, two laundry facilities, a fitness center and 179 parking stalls. According to Yardi Matrix, the community—which was completed in 1974—had an occupancy rate of 91.5 percent as of April 2017.
Arel Capital acquired the community in March for $22 million. According to public records, the purchase was subject to a $16.7 million mortgage loan originated by Capital One Multifamily Finance.
Strategically Located Portfolio
Located minutes away from each other, The Collective Glendale communities offer freeway access to the Interstate 25 corridor and Denver’s Light Rail stations. Additionally, all seven properties are close to the 16-acre Infinity Park that features the first municipal rugby stadium, a sports center and a high altitude-training center.
Images courtesy of Yardi Matrix