Cortland Partners Snags Lakecrest at Gateway Park in Denver
The 440-unit, pet-friendly community includes a spa, movie theater room, and access to a two-mile walking path.
By Jeffrey Steele
Atlanta-based multifamily investment and management firm Cortland Partners has acquired the 440-unit Lakecrest at Gateway Park apartment community in Denver. With the acquisition, Cortland’s national portfolio includes more than 40,000 apartment homes.
The acquisition culminates a productive six-week period for Cortland Partners, which saw the company purchase five Texas properties and bring its 2017 haul to 10,225 apartment homes.
Convenient transit
With an address at 4699 Kittredge Street, the 16-year-old Lakecrest at Gateway Park is minutes from Denver International Airport, the Shops at Northfield Staple, downtown Denver and the University of Colorado by RTD light rail.
The community features one-, two- and three-bedroom layouts averaging 969 square feet, and its back yard provides residents access to a two-mile walking path and a nature preserve.
Amenities include views of mountains and a fishing lake, Olympic-size pool and adjoining spa, outdoor barbecue areas, business center, pet-friendly apartments, movie theater room, 24-hour fitness center, sports court and more.
Denver tallied some of the most dramatic increases of any U.S. city during the 2015-16 period, according to a recent U.S. Census Bureau report. The Mile High City increased in population by more than 13,000 residents between 2015 and 2016.
Many Millennials
The local multifamily market is likely to be buoyed by one of the nation’s highest post-recession rates of private-sector job expansion, as well as a growing population of Millennials across the Rocky Mountain State.
“Our acquisition of Lakecrest at Gateway Park is a reflection of our aggressive growth strategy in the broader Southwest region,” said Adam Hazlett, Cortland Partners’ director of investments for Colorado and Arizona. “We look forward to meeting with residents and welcoming them to the Cortland family.”
The steadily expanding portfolio of Cortland Partners’ West Coast properties encompasses three Metro Denver communities, one Colorado Springs property and a trio of 55-and-better communities in Las Vegas.
