Milestone Acquires Denver-Area Property
A location in one of the region’s fastest-growing submarkets created interest in the asset.
The Milestone Group has acquired Solaire Apartments, a market-rate apartment community located at 1287 South 8th Ave. in the Denver, Colo. suburb of Brighton. A purchase price was not disclosed.
Built in 2014, the 252-unit property spans 11 two- and three-story buildings on an 18.9-acre site. The apartments are sectioned into one-, two- and three-bedroom floor plans ranging in size from 810 to 1,350 square feet. Interior features and finishes include faux-wood plank flooring, oversized closets, private balconies or patios with Trex flooring, exterior storage, fireplaces and in-unit washer-dryer combinations.
Common-area amenities of Solaire Apartments include a pool with lap lane and four-season hot tub, as well as a lounge, a clubroom with a kitchen and business center, in addition to a 24-hour fitness center, dog park and native grass areas. The apartment community was 92.1 percent occupied at the time of sale.
Easy access
Located approximately 25 miles east of Boulder and 20 miles northeast of Denver, Brighton offers a suburban feel and access to shopping, dining and entertainment, much of it housed in the historic downtown area where specialty shops, breweries and small businesses abound. An assortment of local parks and golf clubs are nearby, as well. Barr Lake State Park is a sprawling recreational area just 11 minutes from Brighton, with hiking, boating, fishing and birding.
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A number of colleges and universities are also easily reachable from Solaire Apartments. They include Front Range Community College, Brighton, which is two miles away. Regis University and the University of Colorado Denver are 27 and 34 minutes away by car respectively.
Two months ago, a Denver Multifamily Report from Yardi Matrix found that record levels of new supply led to a decline in average asking rents and in stabilized properties’ occupancies. The Mile-High City saw a 10-year record of 17,020 unit deliveries in November, while another 33,034 apartments were under development. On a three-month basis through November, the average advertised rents fell by 0.8 percent to $1,894, a slump far exceeding the national average of 0.2 percent.
