BrokerageMultifamily

Lakewood Apartment Community Sells for $81M

Lakewood, COInland Real Estate Acquisitions, LLC has purchased the 267-unit Union West Apartments in Lakewood for a reported $81 million. The community is located at 35 Van Gordon St., six blocks from the RTD West Light Rail Line. The Class A multifamily property consists of 20 studios, 141 one-bedroom, 90 two-bedroom and 16 three-bedroom units.

Matthew Tice, senior vice president of Inland Real Estate Acquisitions, LLC, completed the deal, with assistance from Brett Smith, assistant vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department, on behalf of an Inland affiliate.

“Ideally located next to Denver Federal, Union Square and St. Anthony Hospital, which together account for 17,000 employees, Union West Apartments provides the more than 224,000 residents within a five-mile radius with easy access to nearby employers, retail centers and public transportation,” said Tice. “Its Class A finishes, energy-efficient focus and strong demographics made this property a prime example of the type of multifamily acquisitions we continue to seek out.”

Union West Apartments is equipped with energy efficient air conditioning, heating, water heaters and windows. All lighting throughout the property is LED and the garage and corridors are powered by the solar panels on its roof. The property also offers a garage with 402 covered parking spaces and 18 open spaces. Units include gourmet kitchens, quartz countertops, stainless steel appliances, walk-in closets, a washer and dryer, an oversized garden bathtub and an oversized patio or balcony.

As of December 31, 2017, the property was 92.5 percent occupied and 94.75 percent leased.

With this transaction, Inland Real Estate Acquisitions, LLC has now completed the acquisition of 4,600 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.

 

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