Castle Lanterra Expands Denver Portfolio
The 44-year-old Mountain Vista Apartments marks the company's second acquisition in the market. Eighty-five percent of the 257 units have been updated.
By IvyLee Rosario
Castle Lanterra Properties is expanding in the Metro Denver area with its recent purchase of Mountain Vista Apartments, located in the submarket of Lakewood North.
Situated at 474 South Wright St., the 257-unit community features one-, two- and three-bedroom floorplans across seven two-story buildings. Of the total apartments, 85 percent have been renovated since original construction in 1973. Interior features include private entrances, air conditioning, dining room ceiling fans, gas heating, electric kitchens and free Wi-Fi.
Residents have access to amenities such as:
- business center
- fitness center
- two outdoor pools
- picnic areas with barbecue grills
- dog park
- 770 parking spaces
- laundry rooms
Growing Denver Investment
“Having already invested in the Denver MSA, we are obviously big believers in the long-term outlook of this vibrant city. We were particularly attracted to this submarket for its positive supply/demand dynamics, thriving local economy and high standard of living,” said Elie Rieder, CEO of Castle Lanterra Properties. “We feel this property occupies a unique niche in that it offers a quality product at an affordable price-point for value-conscious residents. The previous owner invested extensively in maintaining and improving this property with the introduction of new amenities. We believe there is an opportunity to solidity the property’s competitive positioning within this submarket with a targeted and focused renovation program, along with increased operation efficiencies.”
Mountain Vista Apartments is in close proximity to to the RTD Federal Center Light Rail Station, downtown Denver, The Belmar Redevelopment, Southeast Business Corridor, major shopping malls, restaurants, a world-renowned brewery, bike and hiking trails, rafting and kayaking, mountain skiing and the famous Red Rocks Amphitheatre in the city of Golden. This purchase being the company’s second investment in the Denver market, the first was its $103 million acquisition of Alexan Sloan’s Lake luxury apartment community.
Image courtesy of Castle Lanterra Properties