Castle Lanterra Buys 4th CO Community
- Apr 23, 2018
Castle Lanterra Properties has acquired The Ranch at Bear Creek in Denver’s submarket of Lakewood, Colo. This marks the firm’s fourth purchase in the Denver metro area within the last 16 months, bringing its portfolio to more than 1,100 units.
“We were attracted to this opportunity due to the compelling mix of a desirable infill location with barriers to new supply, a product that provides quality housing at an affordable price point, and large unit sizes that are a good fit for the families that want to locate in this neighborhood due to the excellent schools,” Elie Rieder, CEO of Castle Lanterra Properties, told Multi-Housing News.
Located at 3324 S. Field St., the community was built in 1973 and features 201 units. Apartments are offered in one-, two- and three-bedroom floorplans ranging from 685 to 1,270 square feet. Comprising 13 two-story buildings, The Ranch at Bear Creek is currently 93.5 percent occupied as of March 2018, according to Yardi Matrix. Interior features include washer/dryer hookups, monitored security, fireplaces, Rocky Mountain views, ceramic tile bathrooms and private balcony/patios. Residents have access to amenities including:
- recreation room
- outdoor grilling area
- two swimming pools
- state-of-the-art fitness center
- outdoor lounge with gas fire pit
- two laundry facilities
- business center
- 400 parking spaces
- spin and yoga room
- outside storage
The community is within 20 minutes from downtown and offers close proximity to retailers such as Wadsworth & 285 Retail, Heritage West Shopping Center and the South Wadsworth Retail Corridor. The Simon-owned indoor outlet mall and outdoor power center Denver West/Colorado Mills Mall is less than 10 minutes from The Ranch at Bear Creek. Additional attractions include access to numerous golf courses, the 14.5-mile Bear Creek Trail and Creekside Bear Creek Greenbelt & Bear Creek Lake Park.
Image courtesy of Castle Lanterra Properties