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2/15/24
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San Diego-based ColRich Multifamily acquired Belmar Villas, a 318-unit apartment community in Lakewood, CO. The property is located at 700 S. Reed Ct, east of Hwy 121 and south of Alameda Ave.
Built in 1970, Belmar Villas is a garden-style apartment community encompassing 17 rental buildings and a leasing office on 18 acres. Floorplans include one-bedroom, two-bedroom and three-bedroom layouts with an average unit size of 856 sf. Community amenities include a fitness center, resort-style pool and hot tub, clubhouse, playground and basketball court.
The property is located in west metro Denver, a five-minute walk from the Belmar Shopping District, home to 1.6 msf of retail, dining and entertainment and 400k sf of office space. Additionally, the property is near large employers, including St. Anthony’s Hospital and the Denver Federal Center.
Terrance Hunt, Shane Ozment, Andy Hellman, Justin Hunt, Chris Hart, and Brad Schlafer with CBRE’s multifamily investment properties team in Denver represented the seller. Troy Tegeler, Trevor Breaux and Ryan Greer with CBRE Debt & Structured Finance in Greater Los Angeles arranged the acquisition financing.
“We received tremendous interest on this opportunity given the asset’s value-add potential and coveted westside location, despite volatility in the capital markets. The buyer saw this as a great opportunity to create additional scale in this micro-location as they own the property next door,” said Hart.
Denver’s multifamily market fundamentals continued to display resilience in the fourth quarter of 2023, according to CBRE research. The metro area saw 3,666 more apartments occupied than vacated in the last three months of the year, marking the highest fourth quarter net absorption ever recorded in metro Denver. Forty-two apartment properties traded hands in the quarter, totaling $978.6 mil in sales volume, up 26.7% year-over-year.
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