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5/20/16
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American Realty Advisors has acquired a newly-constructed, 314-unit multifamily property located in the Union Station submarket of Downtown Denver. The price was not disclosed.
The building also features 58k sf of ground floor retail space and a two-story subterranean parking garage. The property, formerly known as Elan Union Station, will be rebranded as ALARA Union Station.
According to Scott C. Anderson, American’s Director, Investments, “Over the last several years, this submarket has become one of the most desirable urban locations within Denver due to its proximity to the Downtown employment center, as well as the developing cultural core of the city around ‘LoDo’ and Union Station.” He added that tenant demand for the apartments is expected to remain very strong due to the area’s accessibility, as the location is highly walkable and bike-able, and is adjacent to transit.
The property’s residential units were built to luxury specifications, with bamboo floors, quartz countertops with tile backsplashes, undermount sinks, and stainless steel appliances. The building is also highly amenitized with a state-of-the-art fitness center, two interior courtyards featuring a resort-style pool, stainless steel grilling stations, a bocce ball court, a large outdoor fireplace, a resident lounge, two private offices, a large fully-connected conference room, a pet spa, a bicycle and ski maintenance shop with lockers and bike wash, and a private "residents only" elevator providing direct access to the ground-floor grocery store.
The ground floor retail is anchored by a 48k sf King Soopers, which is a subsidiary of Kroger and the dominant market-share grocer in the Denver metro. The remainder of the retail is leased to Wells Fargo, Kriser’s – an upscale pet food store – and The Pig and Sprout, which is a new restaurant concept by a local restaurateur.
The seller, a joint venture that included Greystar, was represented by Jordan Robbins and Jeff Haag of Holliday, Fenoglio, and Fowler.
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