Why Walkability's Key To Apartment Success
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In a time when Millennials call the leasing shots, walkability is an important part of how apartments succeed in attracting new tenants (and getting investors to pay attention). Even suburban apartments can compete with urban core properties if they have the right walkable stuff.
Recently Slipstream Properties acquired the 175-unit Brix on Belleview at 175 West Belleview Ave in Englewood for more than $25.7M from Avenue North. “Multifamily properties in Denver continue to experience high investor demand,” said CBRE VP Jake Young, who repped the seller along with colleagues Dan Woodward, Dave Potarf and Matt Barnett.
The property's location adjacent to Cherry Hills gives it proximity to numerous amenities, Jake said, including a newly developed Sprouts-anchored center within walking distance.
The property has a Walk Score of 72, which is "Very Walkable" (most errands can be accomplished on foot, as Walk Score puts it). Downtown Englewood is 11 minutes away by foot and two minutes away by bike. The Craig Hospital Medical District and the Littleton/Downtown Light Rail Station are also close.
The property is more than 95% occupied. CBRE Capital Markets Debt & Structured Finance's Brady O’Donnell secured acquisition financing for the sale.