Carmel Partners Sells $129M Upscale Denver Property
Westend, a 390-unit property built in 2015, was 93.5 percent occupied at the time of the sale.
IRET has acquired Westend, a 390-unit upscale community close to downtown Denver. Carmel Partners sold the asset for $128.7 million, which comes on the heels of a New Jersey garden-style community acquisition. Westend is being managed by Greystar.
Located at 3500 Rockmount Drive on approximately 12 acres, the property offers convenient access to various shopping, dining and leisure venues including City of Cuenavaca Park and Coors Field. Denver International Airport is nearly 24 miles away.
Central and new
Built in 2015, the 16 three- and four-building community features one- and two-bedroom units ranging from 550 to 1,463 square feet. Each unit offers amenities such as stainless-steel appliances, washer/dryer, quartz kitchen and bath countertops, plank flooring, and walk-in closets, additional storage, kitchen islands. The pet-friendly community features common-area amenities such as:
- rooftop swimming pool
- spa terrace
- grilling lounge and fireplace
- community lounge
- fitness center
- pet grooming area
- pet play area
- coffee and business lounge
Westend is currently 93.5 percent occupied and, according to data provider Yardi Matrix, had an average rental rate of $2,001 as of March.
“As we grow our metro Denver portfolio, we continue seeking quality, well-located multifamily communities in high-demand submarkets,” Mark Decker Jr., president & CEO of IRET, said in a statement. “Westend … is immediately adjacent to Denver’s downtown park system, and provides residents walkability to a variety of retail and employment locations.”
Image courtesy of Yardi Matrix