Summit Communities Buys Colorado Asset for $41M
- Nov 03, 2020
Summit Communities has purchased Highland Way, a 230-unit apartment property in Northglenn, Colo., from Avanti Residential. CBRE closed the $40.6 million sale, while Berkshire Bank provided the loan, according to Yardi Matrix.
The asset is located at 11310 Melody Drive, near Interstate 25 and roughly 13 miles north of downtown Denver. The site is positioned in proximity of numerous retail and entertainment venues, including Boondocks Food & Fun and Denver Premium Outlets.
Completed in 1973, the 155,890-square-foot community provides one-, two- and three-bedroom units across 10 buildings. Common-area amenities include a fitness center, clubhouse, swimming pool, playground and private dog park. The property also features storage lockers and a barbecue area. The apartments offer fully equipped kitchens, walk-in closets and private balconies.
David Potarf, Dan Woodward, Matt Barnett and Jake Young made up the CBRE Capital Markets team representing the seller. Last month, the brokerage facilitated the sale of the 369-unit Agave Ridge community in San Diego. Prime Residential acquired the townhome property in a $107 million deal.