New York-based Castle Lanterra Properties has purchased the 257-unit Mountain Vista apartment complex in Lakewood for $38.3M.
The complex at 474 South Wright St. is within walking distance of the 4M SF Denver Federal Center, which, with 28 different agencies, has the largest concentration of federal offices outside of Washington, D.C. Also nearby is the 224-bed St. Anthony Central Hospital, which employs more than 2,300 people.
The property has undergone renovations in 221 units.
“Mountain Vista offers a unique rent-growth opportunity as it is one of the only 1970s-built properties with amenities in this location, and newer surrounding properties are achieving rents hundreds of dollars higher,” said ARA Newmark Vice Chairman Shane Ozment, who, along with Terrence Hunt, Jeff Hawks and Doug Andrews, represented seller Jackson Square Properties of San Francisco.
“The property generated competitive interest, soliciting 11 offers and demonstrating the continued investor interest in value-add, suburban communities in Lakewood,” Ozment said.
Less than 10 minutes away, the National Renewable Energy Laboratory, Miller Coors Brewing Co., Jefferson County government offices and the Denver West Office Park house a combined 6,600 jobs.
The property is two minutes from the Federal Center Light Rail Station, giving residents access to downtown Denver, Belmar and the southeast business corridor. Green Mountain Open Space and Matthews Winters Park provide nearly 5,000 acres of open space and 30 miles of hiking and biking trails minutes from the property.
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