Cliffs at Lakewood Apartments Fetches $12M

LAKEWOOD, CO-Hendricks & Co. has brokered the sale of the Cliffs at Lakewood Apartments at 1388 Garrison St. in this city, west of Denver. The community sold for $12.3 million, or $61,500 per unit. The property consists of 200 units in nine two-and-a-half story garden-style buildings and one clubhouse/leasing/recreation building located on 9.2 acres.

The buyer was Fairfield Timberleaf LP, a California entity consisting of the affordable division of Fairfield Residential, one the nation’s largest multifamily developers, and the Lakewood Housing Authority. Fairfield has a strong presence locally, this was Fairfield’s third property financed with low income housing tax credits in the Denver metro area.