Fierce Bidding for Lone Tree Apartments
Investors are hungry for Lone Tree and AMLI and CWS Capital Partners just joined the list of major buyers making moves in the area.
Martin Fein Interests Ltd sold two Lone Tree properties, the 281-unit Vue at RidgeGate and the 243-unit Miramont at RidgeGate (below), to the two buyers; both properties are in the RidgeGate development. The area benefits from key job growth, as well as attractions such as the Lone Tree Cultural Arts Center along with the planned 1,000 acres of parks, trails and open space, notes ARA principal Doug Andrews. Not only that, he adds, the commute to Downtown Denver will be easier than ever for residents in the near future, when the Southeast line extension begins serving RidgeGate directly.
Doug, along with colleagues Jeff Hawks, Terrance Hunt, Shane Ozment and Anna Stevens, repped the seller in the deals. AMLI bought the Vue at RidgeGate, thus adding a ninth property to its Denver-area portfolio. CWS Capital Partners bought Miramont at RidgeGate; it owns two other Denver-area properties. Jeff calls the competition for the properties "fierce," with every potential buyer a qualified institutional player.