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Redwood Buys 319 Units From Equity Residential

AURORA, CO-The private apartment investor from Chicago acquires the Highland Point Apartments here from the Chicago-based apartment REIT for $16.5 million.

By Brian K. Miller | Updated on September 30, 2009

AURORA, CO-The 319-unit Highland Point apartment complex in this Denver suburb has changed hands for $16.4 million, industry sources tell GlobeSt.com. The two-story, 21-building development is approximately 96% leased. The capitalization rate is 8.8% based on trailing-12-month data.

The new owner is a joint venture of Redwood Capital Partners, a Chicago-based, privately held multi-family investment and management firm, and Dallas-based Westdale Asset Management. The seller was Equity Residential, the Chicago based apartment REIT. The brokers were Jeff Hawks and Doug Andrews of Apartment Realty Advisors in Denver.

Highland Point is comprised of one- and two-bedroom units averaging 747 square feet and totaling 238,315 square feet. Amenities include fireplaces, walk in closets, extra storage, washer/dryer hookups, covered parking and a heated outdoor pool. The development covers 13.64 acres at 16894 Arkansas Ave., just south of Buckley Air Force Base. Some unit renovations are planned in order to maximize rental income.

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