American Realty Advisors Acquires Class A Multi-Family Downtown Denver
Denver, CO – American Realty Advisors announced the acquisition of a newly-constructed, 314-unit multi-family property located in the Union Station submarket of Downtown Denver. The building also features approximately 58,000 SF of ground floor retail space and a 2-story subterranean parking garage. The property, formerly known as Elan Union Station, will be rebranded as ALARA Union Station.
According to Scott C. Anderson, American’s Director, Investments, “Over the last several years, this submarket has become one of the most desirable urban locations within Denver due to its proximity to the Downtown employment center, as well as the developing cultural core of the city around ‘LoDo’ and Union Station.” He added that tenant demand for the apartments is expected to remain very strong due to the area’s accessibility, as the location is highly walkable and bike-able, and is adjacent to transit.
The property’s residential units were built to luxury specifications, with bamboo floors, quartz countertops with tile backsplashes, undermount sinks, and stainless steel appliances. The building is also highly amenitized with a state-of-the-art fitness center, two interior courtyards featuring a resort-style pool, stainless steel grilling stations, a bocce ball court, a large outdoor fireplace, a resident lounge, two private offices, a large fully-connected conference room, a pet spa, a bicycle and ski maintenance shop with lockers and bike wash, and a private “residents only” elevator providing direct access to the ground-floor grocery store.
The seller, a joint venture that included Greystar, was represented by Jordan Robbins and Jeff Haag of Holliday, Fenoglio, and Fowler.
Photo courtesy of American Realty Advisors