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New York-based Castle Lanterra Properties has acquired its third property in metro Denver within the last year.
Castle Lanterra has acquired the 280-unit Sunset Ridge Townhomes at 8300 Sheridan Blvd. in Westminster. The property has maintained 95% occupancy through the second quarter.
“The long-term outlook of this submarket is very promising,” Castle Lanterra CEO Elie Rieder said. “We were attracted by its positive supply-demand dynamics, high standard of living and easy access to two major employment centers in Boulder and Denver.”
Built in 1972, the community has 140 two-bedroom and 140 three-bedroom townhome-style units, all of which are configured as tri-level townhomes with private outdoor entrances. Two-bedroom units average 959 SF, and three-bedroom units average 1,166 SF, not including an additional 450 SF in the basement.
Over the past two years, interior renovations were completed in nearly 80% of the 36 buildings, along with upgrades to the clubhouse, exteriors and landscaping, Castle Lanterra Managing Director Austin Alexander said.
“Our plan is to continue the unit renovation program as units naturally turn over, and we will also aim to add value by finishing the basements, which will add nearly 50% of livable space to each unit at a minimal cost,” Alexander said. “Other upgrades include the installation of washer/dryers in each unit, which is a high-demand amenity in this submarket.”
Sunset Ridge is near the RTD Northwest Rail Line at Westminster Station, which provides direct service to downtown Denver and Boulder. It is also accessible via U.S. 36. Recreational opportunities include a regional park offering waterskiing, paddle boarding, kayaking, fishing, cycling and golf.
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