DENVER – Steadfast Apartment REIT III, Inc. (STAR III) has acquired its sixth apartment home community, Belmar Villas. The 318-unit garden style apartment community, located in the Denver suburb of Lakewood, was purchased for $63.3 million.
“We believe the Denver area is a great match for the investment objectives of Steadfast Apartment REIT III, which targets mid-tier multifamily properties in growing communities,” said Ella Neyland, president of Steadfast Apartment REIT III, Inc. “Belmar Villas is our second property in the Denver metropolitan area, which was recently recognized by National Real Estate Investor as a top market for multifamily investment.”
Belmar Villas includes 17 three-story buildings with one-, two- and three-bedroom apartment homes that average 856-square-feet. In-place rents average $1,318 per month and the community is currently 93 percent occupied.
The apartment community’s Lakewood location offers easy access to many Denver-area employers including the Denver Federal Center, Saint Anthony Hospital, Miller Coors Brewing Company, the National Renewable Energy Laboratory and the Jefferson County government offices. The property also provides easy access to downtown Denver and the Denver International Airport through the RTD light rail system.
Belmar Villas is adjacent to the Belmar Shopping District which features more than 100 shops and restaurants including Whole Foods, Target, Nordstrom Rack, Dick’s Sporting Goods and Best Buy.
STAR III believes the Denver area is well positioned for long term success, being ranked number one on Forbes’ “The Best Places for Business and Careers” list for the past two years, and the number one “Best Places to Live” by U.S. News and World Report in 2016.
With the acquisition of Belmar Villas, STAR III has invested more than $242 million with six multifamily properties in Colorado, Georgia, Illinois and Texas, totaling 1,530 apartment homes. In the Denver area, STAR III also owns Bristol Village in Aurora.
Image courtesy of STAR III.