Colorado Real Estate Journal - February 7, 2018
Inland Real Estate Acquisitions LLC continues its apartment acquisition spree in metro Denver, most recently with the Après Apartments purchase in Aurora. It paid $80 million, or $196,078 per unit, for the 408-unit community at 1539 S. Galena Way. “Well situated in Aurora, Après Apartments is located within the desirable Cherry Creek School District and offers residents quick access to the Denver Tech Center, Buckley Air Force Base, the Denver business district and the University of Denver,” said Mark Cosenza, senior vice president of Inland Real Estate Acquisitions LLC. “Its strong demographics and ideal location, coupled with our knowledge of the market, made this property an excellent example of the type of multifamily acquisitions we continue to seek out.” Après Apartments consists of 17 three-story buildings with 196 one-bedroom and 212 two-bedroom units. Units feature walk-in closets, a washer and dryer, fireplace and a private balcony or patio. Après Apartments also features new amenities, such as a state-of-the-art clubhouse and fully equipped training center. It also features two swimming pools, a pet park and resident lounge. Additionally, it is located near multiple park and recreation options and is a short drive from Fitzsimons, Buckley Air Force Base and Denver International Airport. Constructed in 1986 and 2016, the property was 95 percent occupied as of Dec. 15. TruAmerica Multifamily sold the value-add property. It was represented by JLL’s Pat Stucker, Ray White and Travis Hodge. Cosenza handled the deal with assistance from David Neboyskey, assistant vice president and associate counsel of The Inland Real Estate Group LLC Law Department, on behalf of an Inland affiliate. With this transaction, Inland Real Estate Acquisitions LLC has now completed the acquisition of 5,067 units in the Denver metro area. To date, Inland Real Estate Acquisitions LLC has facilitated more than $45 billion of purchases including single tenant properties, medical office buildings, retail properties and a total of more than $5 billion in apartments. Other News TruAmerica Multifamily, in its first joint venture partnership with an affiliate of Blackstone Real Estate Income Trust Inc., acquired a 635-unit portfolio that included a Thornton apartment community in a $126.5 million transaction. The Montair, a 319-unit, garden-style apartment community at 8901 Grant St., sold for a reported $58.8 million. Starwood Capital Global Group, according to public records, sold the property near the soon-to-be completed lightrail station at 88th Avenue. The one- and two-bedroom community is situated on a 13-acre site. David Martin and Pamela Koster of Moran & Co. listed the property. “Blackstone has made a significant commitment to the Class B value-add multifamily space and together we have long been looking for the appropriate investment in which to partner,” said Noah Hochman, senior managing director of capital markets for TruAmerica. “We look forward to finding new opportunities to invest together again soon.” The portfolio includes two 300-plus-unit garden-style apartment communities that have seen little or no renovation since they were constructed in 1984 and 1991. At a collective occupancy of approximately 94 percent, the two properties represent an excellent investment that features a combination of strong current income and tremendous upside growth potential, according to TruAmerica Director of Acquisitions Zach Rivas. “We are enthused to be investing once again in Seattle and Denver, two of the strongest multifamily markets in the Western U.S.,” said Rivas. “The valueadd opportunities available at each property are highly attractive and will enable us to take advantage of the terrific fundamentals found in each asset's respective submarket.” The acquisition also included the purchase of Walden Pond, a 315-unit golf course community in Everett, Washington. With the acquisition of Montair and Walden Pond, TruAmerica and its partners now own and operate 14 properties totaling 2,892 units throughout Washington and six properties totaling more than 2,643 units in the Denver metro area. As Freddie Mac Select Sponsors, the joint venture received acquisition financing, arranged by Troy Tegler of CBRE, through Freddie Mac’s seven-year fixed rate program. Pinnacle Real Estate Advisors LLC’s Jules Hochman and Justin Brockman represented an unnamed buyer in the purchase of a 22-unit townhome property. The building at 1721 E. 35th St. and 3549 Williams St. in Denver sold for $3.9 million, or $177,272 per unit. Additional details were not disclosed.