Two East Coast Companies Acquire Westminster Multifamily
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NY-based Phoenix Realty Group (PRG) and Boston-based Intercontinental Real Estate Corp acquired the 444-unit Cascade Village apartments in Westminster. “We anticipate continued growth in the market from the combination of population and the local economy, which of course feed one other," PRG president Keith Rosenthal tells us. For one thing, there's an influx of various age groups, from Millennials to retirees, seeking the quality of life in the Denver area.
Plans for the property, which is at 6880 W 91st Court, include a value-add repositioning effort to upgrade its amenities. "Also, the local job base includes expanding industries like biotech and other technology companies, such as Google’s Boulder campus development," Keith says. "These growth factors are also driving a renewal of established neighborhoods in Denver. All together, there's a very compelling case for the multifamily sector.”