RMR Group Purchases Denver Community

The RMR Group has acquired The Ridge at Lowry, a 240-unit garden-style community in Denver, for $70 million. The property is located at 10000 E. Alameda Avenue, between the downtown Denver and Cherry Creek and Centennial submarkets. The identity of the seller could not immediately be learned.

The property will soon be rebranded as ARIUM at Lowry under RMR’s consumer-focused ARIUM brand. The community will undergo extensive interior and exterior renovations that will include upgrades to in-unit kitchen and bathrooms and improvements to common areas and amenities, such as the fitness center and office and clubhouse, as well as the addition of new features like electric vehicle chargers.

“Tenant-centric” property

ARIUM at Lowry aims to offer a tenant-centric living environment, according to RMR. “Being tenant-centric means that we make business decisions based on the needs and expectations of the resident,” Rob Lester, senior vice president at the firm, tells Multi-Housing News. “For example, the scope of the renovations will be defined by what we know residents want.”

RMR has a nationwide residential investment and operating platform with approximately $5.3 billion of assets under management. This transaction expands RMR’s Denver multifamily presence to nearly 800 units. ARIUM at Lowry is its first multifamily acquisition since RMR Residential became a part of The RMR Group in December 2023.