ColRich Pays $74M for Metro Denver Community
The buyer is the area's second-largest multifamily owner.
ColRich Multifamily has bought Belmar Villas, a 318-unit multifamily asset in Lakewood, Colo. According to public records, Belmar Villas traded for $74.3 million and is now subject to a 10-year Fannie Mae loan in the amount $52 million. The asset previously traded in 2017, for $63.3 million.
CBRE brokered the deal, with the Denver team representing the seller, Independence Realty Trust. A different CBRE team, Los Angeles-based, arranged acquisition financing.
The garden-style property at 700 S. Reed Court came online in 1971. The Denver-area community includes 17 buildings and a leasing office situated on 18 acres. Floorplans include one-, two- and three-bedroom units between 580 and 1,114 square feet. Amenities feature fitness and business centers, a swimming pool, a clubhouse, as well as tennis, volleyball and basketball courts.
Belmar Villas is roughly a mile from both West Alameda Avenue and Belmar Shopping District, the latter encompassing 1.6 million square feet of retail and 400,000 square feet of office. Local employers, such as St. Anthony’s Hospital and the Denver Federal Center, are within 5 miles.
Big buyer in attractive Denver rental market
ColRich also owns the nearby Lakeview Towers, a 290-unit community built in 1969. The company is the metro area’s second-largest multifamily owner, according to Yardi Matrix, with a portfolio north of 5,000 units completed in the 1960s, ’70s, ’80s and ’90s. The firm has another 154 units under development.
Somewhat bucking nationwide trends, Denver multifamily deals held relatively strong as of late. In the last quarter of 2023, sales totaled just short of $1 billion, compared to $814 million in the same quarter of the prior year, Yardi Matrix data also revealed.
This is not the the first time this month that CBRE makes headlines in Denver with a large-scale transaction. The company also worked on a $133 million portfolio sale, representing The Garret Cos.
