CBRE Arranges $73M Sale of Denver-Area Luxury Community
- Nov 16, 2018
CBRE has completed the $73.05 million sale of The Meadows apartment community in suburban Denver, Colo. The newly-constructed, 240-unit luxury property is located at 4300 Swanson Way in Castle Rock. The buyer was Avalon Bay.
Representing the seller, Indianapolis, Ind.-based Garrett Companies, were CBRE’s Dan Woodward, David Potarf, Matthew Barnett, Eric Roth and Martin Roth.
The Meadows is a garden-style community featuring large one-, two- and three bedroom units. The property sprawls across 14 acres in the Castle Rock foothills.
Designed to attract suburban renters and families, The Meadows offers attached garages, as well as a pool, spa, off-leash pet park, fitness center, yoga and spin studio, gaming-recreation room, coffee bar and access to neighborhood walking trails.
The community is situated off Interstate 25 near the Meadows Parkway and Santa Fe Drive intersection. That location is adjacent to Castle Rock Adventist Hospital and just west of the shopping destination Outlets at Castle Rock. The $177 million retail development called The Promenade at Castle Rock, spanning 200 acres, is situated next to the Outlets of Castle Rock. When completed, The Promenade will feature four districts of large-format retail, service and restaurant space.
Monthly rents at The Meadows range between $1,467 for a one-bedroom and $2,437 for a three-bedroom unit, according to Yardi Matrix data.
“We went under LOI early in the lease-up of the property and the CBRE team worked closely with both parties throughout the process,” Barnett, CBRE senior vice president, told Multi-Housing News. “The result was a smooth transaction that met the expectations of both buyer and seller,” he added.
Earlier this month, CBRE also completed the $56.4 million sale of a multifamily portfolio totaling 301 units in Denver’s Cherry Creek neighborhood.
Image courtesy of CBRE