|
|
8/28/17
|
In a major multifamily acquisition from a month or so ago, Steadfast Apartment REIT III Inc purchased Belmar Villas, a 318-unit, garden-style apartment community in the Denver, CO suburb of Lakewood, for $63.3 mil ($199k/unit). Belmar Villas represents Steadfast’s second property in the Denver metropolitan area.
Located at 759 South Reed Court, Belmar Villas was built in 1975 and renovated in 1991. It includes 17 three-story buildings with one-, two- and three-bedroom apartment homes that average 856 sf. In-place rents average $1,318 per month for the community, which is currently 93% occupied.
Belmar Villas’ amenities include two swimming pools with spas, gas barbeque grills and fire pits, a playground, a designer clubhouse, basketball court, state-of-the-art fitness center, business center and internet cafe, covered parking and a laundry center. Every apartment home in the community features walk-in closets, ceiling fans, central air conditioning and spacious private balconies or patios.
The apartment community’s Lakewood location offers easy access to many Denver-area employers including the Denver Federal Center, Saint Anthony Hospital, Miller Coors Brewing Company, the National Renewable Energy Laboratory and the Jefferson County government offices. The property also provides easy access to downtown Denver and the Denver International Airport through the RTD light rail system.
Belmar Villas is adjacent to the Belmar Shopping District which features over 100 shops and restaurants including Whole Foods, Target, Nordstrom Rack, Dick’s Sporting Goods and Best Buy.
The previous owner recently renovated approximately a quarter of the apartment homes. As part of its Value Enhancement Strategy, Steadfast plans to renovate the remaining apartment home interiors when turning apartments between residents to include an upgraded appliance package, new laminate countertops, new plumbing fixtures, new vinyl wood flooring and carpeting, new paint, new ceiling fans and upgraded lighting.
According to Ella Neyland, president of Steadfast Apartment REIT III, the company believes the Denver area is well positioned for long term success, being ranked number one on Forbes’ “The Best Places for Business and Careers” list for the past two years, and the number one “Best Places to Live” by U.S. News and World Report in 2016.
With the acquisition of Belmar Villas, STAR III has invested more than $242 mil with six multifamily properties in Colorado, Georgia, Illinois and Texas, totaling 1,530 apartment homes. In the Denver area, STAR III also owns Bristol Village in Aurora.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
