Castle Lanterra Enters Denver Market with $103M Acquisition
- Dec 21, 2016
Denver—Castle Lanterra Properties completed its first acquisition in the Denver market, expanding its multifamily portfolio to Colorado’s Front Range with the purchase of the Alexan Sloan’s Lake luxury apartment community. Part of the larger SLOANS mixed-use complex—a 19-acre, seven-block, infill redevelopment that now houses a mix of luxury condominiums, townhomes and retail—the new Class A-plus property was completed in 2016. CLP purchased it for $102.8 million.
“The property’s location cannot be replicated,” said Elie Rieder, CLP founder & CEO, in prepared remarks. “Sloan’s Lake Park is a unique recreational amenity that sets it apart from downtown properties and provides a true live-work-play environment for residents.”
Located five minutes from downtown Denver in the West Colfax district, the property features 19 different studio, one- and two-bedroom floor plans, with an average size of 744 square feet. Residents have access to amenities such as a clubhouse, resort-style pool, media room and outdoor movie wall; state-of-the-art fitness, spin and yoga facilities; work-from-home offices and conference room; a bike repair room; and a dog wash room. Interior features include top-end finishes like granite countertops, hardwood cabinets, stainless steel appliances and Sonos Bluetooth speakers.
The property offers immediate access to Sloan’s Lake and its 177-acre park, featuring biking, jogging, walking, kayaking, fishing, boating and water-skiing. It’s also located minutes from Highlands Square, with more than 90 boutiques and restaurants. Alexan Sloan’s Lake is four blocks from a light-rail station, as well as West Colfax Avenue, I-25 and US 6.
“We are pleased to see the caliber of regional and national retailers who share our long-term vision for this redevelopment site,” said Austin Alexander, CLP’s managing director, in prepared remarks. “The immediate impact will be increased foot traffic and marketing exposure for the property, but it is the expected market appreciation of the investment that we find most accretive.”
With a significant retail component consisting of 8,800 square feet of fully leased ground-floor retail space, this property adds a unique quality to the CLP portfolio.
“Historically, our name and reputation have been closely associated with the value-add investment space. However, with a brand-new asset already at the top of its market, our strategy here is to implement CLP’s style of management while capitalizing not only on the core strength of the Denver market but the accelerated growth of this particular submarket,” added Rieder. “In many respects, Alexan Sloan’s Lake symbolizes the type of property we aspire to own.”
Castle Lanterra Properties currently owns and manages a portfolio comprising 8,300 units and a value in excess of $1 billion.
Image courtesy of Castle Lanterra Properties