Downtown Garden-Style Apartment Complex Fetches $128.7M
A Minot, North Dakota-based real estate investment trust paid $128.7M for the only garden-style apartment asset in downtown Denver.
IRET acquired Westend, a 390-unit apartment complex on 11.6 acres at 3500 Rockmount Drive in the city’s Ballpark neighborhood. The property was 93.5% occupied at the time of the transaction.
“This acquisition demonstrates our commitment to our strategy of adding multifamily properties, creating operational efficiencies and deepening our presence in the Denver market,” IRET President and CEO Mark Decker Jr. said. “As we grow our metro Denver portfolio, we continue seeking quality, well-located multifamily communities in high-demand submarkets.”
Built in 2015, Westend is a gated community just north of the city of Cuernavaca Park along the South Platte River, providing residents direct access to Denver’s 53 acres of parks and 850-mile trail system. Westend is near a variety of retailers, employers and city amenities. It is the only apartment community in downtown Denver with attached garages and is between the high-demand neighborhoods of Lower Downtown, Lower Highland and River North.
“Being that this is Denver’s only garden-style property and it is on such a large piece of downtown land, Westend drew ample investor attention,” said ARA Newmark Vice Chairman Terrance Hunt, who, with Vice Chairman Jeff Hawks, represented the seller, CP IV Platte Valley Apartments. “Investors recognized that the property’s parklike feel, as well as its direct-access garages — the only available in downtown Denver — appeal to residents, keeping occupancy high.”
Amenities at Westend include a resort-style pool and spa deck; a large fitness center; a dog park; a clubroom with pool table, TVs and unobstructed views of downtown Denver and the mountains; full-size washer-dryers; and large private balconies.