ARA Leads $38M CO Community Transaction
Previously owned by Jackson Square Properties, the 257-unit community is located in Lakewood, Colo.
By Roxana Baiceanu
ARA Newmark secured the sale of Mountain Vista, a 257-unit community in Denver’s Lakewood submarket. Vice Chairmen Shane Ozmet, Terrance Hunt, Jeff Hawks and Doug Andrews represented the seller, San Francisco-based Jackson Square Properties in the $38.3 million deal. The same team has recently secured the sale of a mixed-use community in Denver.
“Mountain Vista offers a unique rent growth opportunity as it is one of the only 1970s-built properties with amenities in this location, and newer surrounding properties are achieving rents hundreds of dollars higher,” said Ozment, in prepared remarks.
New York-based Castle Lanterra Properties bought Mountain Vista and plans to bring upgrades to the property. Under the previous owner, 221 units have already undergone renovations.
Proximity to several workplaces
The community at 474 S. Wright St. was completed in 1973 and offers one-, two-, and three-bedroom floorplans. Its location provides residents with convenient access to large employment centers such as the Denver Federal Center, Saint Anthony’s Hospital and Denver West Office Park. Almost 10,000 people are employed by the hospital, the National Renewable Energy Laboratory, Miller Coors Brewing Co., Jefferson County government and several private companies part of Denver West, all of which are located less than 10 minutes away from the community.
Downtown Denver is approximately 10 miles away and it can be reached via the Federal Center Light Rail Station, which is only two minutes away from the property. Residents can also enjoy the hiking and biking trails and the approximately 5,000 acres of green space available in the two nearby parks: Green Mountain Open Space and Matthews Winters Park.
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Image courtesy of ARA Newmark