Summit MultiCapital Buys Green Leaf Riverside
Ohio-based Summit MultiCapital LLC has acquired Green Leaf Riverside, a 248-unit apartment complex in Littleton now known as Summit Riverside.
Built in 1986, Summit Riverside has undergone capital improvements, community amenity renovations and interior upgrades to bring all units up to date. Amenities include an expanded clubhouse, a pool with a new pool deck, a fitness center and a business center.
“Investors were attracted to this asset due to its unique mix of units, which included 96 loft units, and its proximity to downtown Littleton and light rail,” said ARA Newmark Vice Chairman Shane Ozment, who, along with ARA Newmark Vice Chairman Terrance Hunt, represented seller Green Leaf Partners. “There is a real lack of new product being developed in Littleton, which drew buyers to the asset. Residents can access recreation out their back door with the Platte River trail being adjacent to the property.”
Only four market-rate apartment communities have been built in Littleton in the past five years. The limited supply of new multifamily product in the city has led to increasing demand for properties of all vintages.
At 4957 South Prince Court, Summit Riverside is four minutes from the Littleton-Downtown light-rail station on the C and D lines, which provide direct access to downtown Denver and Union Station.