Avanti Residential, a multifamily residential company, has sold its 230-unit Highland Way multifamily property in Northglenn, to Summit Communities for $40.6 million.
Located at 11310 Melody Drive, the 155-890-square-foot property built in 1973 includes 10 buildings with studio, one- and two-bedroom units featuring fully equipped kitchens, open living and dining areas, walk-in closets and private balconies or patios.
David Potarf, Dan Woodward, Matt Barnett and Jake Young with CBRE Capital Markets in Denver represented Avanti in the sale.
“Highland Way garnered investor interest as it is a relatively large property with clear renovation potential in a growing metro Denver suburb. The area is surrounded by retail and employment offerings and faces little competition from similar apartment communities,” said Mr. Young, CBRE.
Residents of Avanti benefit from access to the 350,000-sq.-ft. Denver Premium Outlets, the second Topgolf location in Colorado, and large nearby employers including Maxar Technologies and the Park 12 Hundred Tech Center. The property is a five-minute walk to the Wagon Road RTD Park-N-Ride.
