American Realty Advisors Acquires 314-Unit Denver Community
- May 23, 2016
Denver—American Realty Advisors has acquired a newly built, 314-unit multifamily property in the Union Station submarket of downtown Denver. Featuring a two-story below-grade parking garage, the building also offers approximately 58,000 square feet of ground floor retail space. Elan Union Station will be rebranded as ALARA Union Station.
The seller is a joint venture including Greystar, represented by Jordan Robbins and Jeff Haag of HFF.
During the last few years, the submarket has grown into one of the most coveted urban locations within Denver, owing to its proximity to the downtown employment center and the developing cultural core of the city around “LoDo” and Union Station.
Resident demand is expected to remain very strong, due to the area’s accessibility, its walk- and bike-ability and its adjacency to transit.
ALARA Union Station’s luxury features include bamboo floors, quartz countertops with tile backsplashes, undermount sinks and stainless steel appliances. A state-of-the-art fitness center, two interior courtyards featuring a resort-style pool and stainless steel grilling stations are among the luxury amenities of the building. Also featured are a bocce ball court, large outdoor fireplace, resident lounge, two private offices, large fully-connected conference room, pet spa, bicycle and ski maintenance shop with lockers and bike wash and private residents-only elevator to the ground-floor grocery store.
A 48,000-square-foot King Soopers, a subsidiary of metro Denver’s dominant market-share grocer Kroger, anchors the ground floor retail. The remainder of the ground-floor retail is leased to Wells Fargo, high-end pet food store Kriser’s and The Pig and Sprout, a new restaurant concept from a Denver-area restaurateur.
ALARA Union Station is within walking distance of many downtown attractions in the Mile High City. They include Coors Field, home of MLB’s Colorado Rockies, the Museum of Contemporary Art, Confluence Park and the Pepsi Center, home of the NBA’s Denver Nuggets and the NHL’s Colorado Avalanche.
“This property is an ideal addition to our core multifamily portfolio,” said Scott Anderson, American’s senior portfolio manager, multifamily. “The asset’s great location in a key market, its best-in-class amenities and its strong retail component are three factors we believe will provide our investors with an attractive current income stream.”