Inland Shells Out $63M for Class A Denver Community
- Sep 15, 2016
By Bogdan Odagescu, Associate Editor
Denver—Inland Real Estate Acquisitions recently acquired WestLink at Oak Station, a 244-unit, Class A multifamily community in Lakewood, Colo. Inland Senior Vice President Mark Cosenza facilitated the transaction on behalf of a company affiliate. According to Yardi Matrix data, Inland acquired the asset from Lakewood-based Prospect for a little over $63 million, approximately $258,000 per unit.
Located at 1665 Pierson St., the property encompasses 130 one-, 99 two- and 15 three-bedroom units. With 11 floor plans ranging between 667 and 1,303 square feet, monthly rents at WestLink range between $1,300 and $2,260.
Completed in 2013, the community features 9-foot ceilings, balconies and patios, granite countertops, stainless steel appliances, walk-in closets and wide plank wood style flooring. Amenities include a business center, clubhouse, fitness center, outdoor playground, Paw Spa for pets, swimming pool, spa, yoga studio, outdoor lounge and 299 parking spots.
Less than 10 miles west of Denver’s central business district, the property lies within walking distance from several retail destinations and the Oak Station RTD Light Rail. The Colorado Mills Mall and Interstate 70 are both within a 10-minute drive. “WestLink at Oak Station is surrounded by strong demographics and benefits from its close proximity to the Denver Federal Center, St. Anthony Hospital and nearby office markets,” said Cosenza in prepared remarks.
Image courtesy of liveatwestlink.com