ARA Newmark Arranges Sale of Value-Add Complex in Under-Served Castle Rock Market
Castle Rock, CO – ARA, A Newmark Company (ARA Newmark) announces the $23.8 million sale of Rolling Hills located at 1129 South Eaton Circle, in Castle Rock, Colorado. Vice Chairmen, Shane Ozment, Terrance Hunt, Jeff Hawks and Doug Andrews represented the seller, Virtú Investments (Virtú), in the 186-unit, value-add sale.
Virtú, a multihousing investment firm founded in 1997, purchased Rolling Hills in December of 2013 as their first multifamily purchase in Colorado. The 1987-built property sold to Investors Management Group, a private real estate investment firm focusing exclusively on the multihousing sector, specializing in value-add investments. Rolling Hills was 93 percent occupied at the time of sale.
Ozment explained, “Rolling Hills is one of only three market-rate properties in Castle Rock and is a true value-add opportunity. It was the first apartment community over 100 units built in Castle Rock, and the next apartment community which wasn’t built until 1998, was sold by ARA Newmark last year. There has been such a sharp rise in rental rates in newer product that properties like Rolling Hills can complete renovations and still offer units hundreds of dollars below the newer properties.”
Located thirty miles south of downtown Denver and east of I-25 in Castle Rock, the property is just south of Sky Ridge Medical Center, the RidgeGate development, Park Meadows Mall and the DTC Business Corridor, the largest employment center in metro Denver.
[Editor’s Note: Rolling Hills is one of several multifamily properties Investment Management Group owns in Colorado, including The Village at Coronado and Briarwood North, both located in Denver.]
Photo courtesy of ARA Newmark