Castle Lanterra Properties Snaps Up Denver Apartments For Nearly $103M
Castle Lanterra Properties of New York entered the Denver apartment market in a big way this week with its acquisition of the 369-unit Alexan Sloan's Lake, a brand spanking new apartment property at 1550 Raleigh St in Denver. The investor paid nearly $102.8M to the developer, Trammell Crow and an institutional investment partner.
The buyer was attracted to the opportunity to get in on the ground floor of an emerging, infill redevelopment in Denver that has popular retail and is anchored by Sloan's Lake Park, said ARA Newmark vice chairman Terrance Hunt, who repped the seller, along with colleagues Jeff Hawks, Doug Andrews, Shane Ozment and Chris Cowan.
Alexan Sloan’s Lake features 9k SF of first-floor retail and is part of the 19-acre, mixed-use redevelopment of the former Saint Anthony Hospital campus. The Sloan's redevelopment will ultimately house up to 150k SF of retail and office space.
The deal caps off a particularly hot year for investment sales of apartments in greater Denver. In 2016, there have been 23 multifamily sales of product built since 2010, which is more than double the number of newly built sales in the previous two years, Hawks said.