Castle Lanterra Buys in Denver Metro
- Nov 15, 2017
Castle Lanterra Properties (CLP) has acquired its third property in the Denver metro area within the past year, the 280-unit Sunset Ridge Townhomes in Westminster, Colo., for an unspecified price from Dallas-based real estate company WillMax Capital Management, which was represented by ARA Newmark. The deal brings the New York-based firm’s total unit count in the Denver MSA to over 900.
Located at 8300 Sheridan Boulevard, Sunset Ridge consists of 140 two-bedroom units and 140 three-bedroom townhome-style units, all of which are configured as tri-level townhomes. The property dates from 1972, but the previous owner completed interior renovations in nearly 80 percent of the 36 buildings during the last two years, along with upgrades to the clubhouse, exteriors, landscaping and existing amenities.
“Our plan is to continue the unit renovation program as units naturally turn over, and we will also aim to add value by finishing the basements, which will add nearly 50 percent of livable space to each unit at minimal cost,” said Austin Alexander, CLP managing director. “Other upgrades will include the installation of washer/dryers in each unit, which is a high-demand amenity in this submarket.”
Common amenities including an updated clubhouse, Wi-Fi Café, lounge area and fireplace, zero-entry swimming pool, barbeque grills, large dog park and new parking lot and playground. The townhomes are equipped with private entrances in each unit, full-sized washer and dryer connections, gas heating, air conditioning, all-electric kitchens and extra storage.
Average square footage is 959 for two-bedroom units and 1,166 for the three-bedroom units, not including about 450 square feet of additional space in the basement—a rarity in the metro Denver apartment market. The property has maintained 95 percent occupancy through the second quarter of 2017, consistent with strong growth in the Arvada submarket.