(Read more on the multifamily market.)
DENVER-Stratford Station, a 192-unit, garden-style community situated off of the Arapahoe Light Rail Station recently changed hands for $20.2 million. Rreef Real Estate acquired the asset from locally based OPM Management Corp., according to property records.
The complex was developed in the mid 1980s at 7555 E. Peakview Ave in Centennial, CO. Its location near the Arapahoe Light Rail Station is believed to have fueled the $105,208 per-unit sales price, which Cushman & Wakefield says is the highest per-unit price ever paid for a comparable property. C&W senior director Pat Stucker brokered the transaction.
The area around the light rail station is seeing tremendous development. Greenwood Village developer John Madden recently announced plans to build a second 300,000-sf office building next to his current project, Palazzo Verdi. Rreef plans to invest an additional $10,000 to $12,000 per unit rehabilitating the units and the buildings as a whole at Stratford Station, and then raise rents.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
