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ARA Adds 304-Unit Asset for $57M

DENVER-American Realty Advisors acquires the Brookside Village apartments on behalf of one of its commingled funds.

By Brian K. Miller | Updated on October 14, 2008

DENVER-American Realty Advisors has acquired Brookside Village, a 304-unit apartment complex here from a client of JP Morgan Investment Management. A local source tells GlobeSt.com the purchase price was approximately $57.4 million. ARA declined to confirm or deny the information. The property last traded in 2001 for $40 million.

Built in 1995, Brookside Village is comprised of 36 two and three-story buildings that overlook natural wetlands. It is located within the Denver Technological Center, a 909-acre business park located at the junction of interstates 25 and 225, 10 miles south of downtown Denver. ARA has re-branded the property Alara Greenwood Village.

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