RiverRock Real Estate Group Awarded 630,000 SF Portfolio to Manage; ARA Reports Sale of Elliot Apartments
- Dec 05, 2013
West Coast-based commercial real estate management and leasing firm RiverRock Real Estate Group recently announced that the firm has been awarded the management of a 630,000-square-foot portfolio by AEW Capital Management. The portfolio features office and industrial spaces in Denver and surrounding communities.
This represents the second new AEW management assignment in the past three months. In July, RiverRock was awarded management of a 2.6 million-square-foot portfolio of office and industrial space located in Southern California and Arizona.
“We are excited to expand into the Denver market and look forward to growing our presence,” says Steve Core, president of RiverRock Real Estate Group. “We have an excellent team in place and are confident that we can produce significant results for the client.”
In other local real estate news, Atlanta-based ARA brokered the sale of the eight-unit Elliot Apartments in Lakewood, Colorado. The seller was represented in the transaction by ARA Colorado’s Justin Hunt, Spencer Bradley and Andy Hellman. The Elliot Apartments were purchased by a private local investor for $670,000. Upon closing, the property was 97 percent occupied.
Built in 1961, the property was remodeled in 2006. The Elliot Apartments is located within walking distance of Sloan’s Lake and features one- and two-bedroom floor plans averaging 700 square feet.
“Lakewood has been one of the more active metro Denver submarkets when it comes to rent growth,” says Hunt. “During the past 12 months rents in North Lakewood have increased roughly 9.7% and we’ve also seen values of comparable properties in Lakewood follow this trend with an increase of roughly 17% year-over-year,”
Bradley added, “The Elliot Apartments attracted significant interest due to its even mix of one and two bedroom floor plans, strong recent rent growth, and great location just west of Sloan’s Lake. This combination helped us sell the property at full list price.”
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