Inland Nabs Denver-Area Community
The property, which sold for more than $50 million, contains 322 units and is located approximately 10 miles from downtown Denver.
By Jeff Hamann
Inland Real Estate Acquisitions has acquired Ashford East 88, a 322-unit garden-style apartment community in the northern suburbs of Denver. The RADCO Cos., the previous owner, sold the property for $54.5 million, according to Yardi Matrix. The buyer financed the transaction with a 10-year Fannie Mae acquisition mortgage of $35.7 million, per Adams County records. Inland is now marketing the community as Park 88. At the end of January, the property was 95 percent occupied.
Located at 101 E. 88th Ave. in Thornton, the community’s 14 buildings are situated along Interstate 25, which provides direct access into Denver’s downtown area, 10 miles to the south. The property offers a mix of studio, one- and two-bedroom apartments ranging in size from 508 to 911 square feet. The buildings were constructed in 1973 and were most recently renovated in 2014. Community amenities include a business center, a dog park, a fitness center, laundry facilities and a swimming pool. Approximately 700 on-site parking spaces are available for resident use, and the Regional Transportation District of Denver operates a number of bus routes in the area, enabling convenient access to the city.
“Ideally positioned directly off of Interstate 25, Park 88 Apartment Homes provides convenient access to the North Suburban Medical Center as well as a variety of employers in the industrial and warehouse sector,” said Mark Cosenza, senior vice president of Inland, in a prepared statement. “The property’s strong demographics and value-add upgrades, combined with our expertise in the market, made this the type of attractive multifamily acquisition we continue to seek.”
Image courtesy of Inland Real Estate Acquisitions