Denver is the Place to be for East Coast Joint Venture
Denver MSA’s strong multifamily market prompts yet another deal.
By Alex Girda, Associate Editor
The recent acquisition of Cascade Village apartments by a joint venture highlights strong market fundamentals that have placed Denver at the forefront of rent growth over the past 12 months. Consisting of Phoenix Realty Group and Intercontinental Real Estate Corporation, the joint venture paid an undisclosed amount for the large residential community.
The transaction was arranged by an ARA Newmark team that included Executive Managing Directors Shane Ozment and Terrance Hunt, as well as Vice Chairmen Doug Andrews and Jeff Hawks. Following the acquisition, the new owner has appointed frequent collaborator ConAm Management as the property manager.
Cascade Village is a 444-unit, Class A property located in Westminster, around halfway between downtown Denver and downtown Boulder. The area offers a unique mix of retail, transit, employment, and is also the site of a future light rail stop. The property’s 26 three-story buildings are located across 16.9 acres of land at 6880 W. 91st Court. In terms of unit mix, half of the units are one-bedroom apartments, with the other half being two-bedroom residences.
Residents at Cascade Village have access to a common amenity package that includes two swimming pools and saunas, a clubhouse, fitness center, business center, a lakeside picnic and barbecue area, as well as an 80-seat stadium-style movie theater. All units offer full sized washer/dryers, fireplaces, and balcony or patio. The new owners are looking to carry out some improvements at the property, mainly focusing on enhancing the amenity package, upgrades to the units with a new finishes, and brand new stainless steel appliances.
According to real estate data provider Yardi Matrix, Denver is exceeding expectations in 2015, having already recorded more than double-digit rent appreciation compared to 2014. The metro is third in the country with an end of September growth rate of around 11 percent.
Image courtesy of aranewmark.com