CBRE Completes $92M Sale of Waterfront Apartments in Lakewood
Denver, CO – The CBRE Denver Multifamily Team of Dan Woodward, David Potarf, and Matt Barnett recently sold the 608 Unit | 1978 YOC Waterfront Portfolio, Phases I and II for $92,250,000. Located just off of Kipling Blvd in the highly desirable western side of Denver, the property provides residents easy commutes to employment in both downtown Denver and the Denver Tech Center as well as convenient access to the recreation opportunities found in the foothills of the Rocky Mountains.
Waterfront recently completed interior renovations on 90% of the units, creating an outstanding opportunity as the buyer may create additional upside by renovating the remaining units. The units offer a diverse mix of 7 floor plans that range from 600 SF 1x1s to 1,000 SF 2x2s that combine for an average unit size of 840 SF which is in-line with the submarket average.
The property is located within the Lakewood submarket on the west side of Denver, which consists of 11,309 units within properties over 50 units. Rent growth in this submarket has been rapid over the past 24 months, with a 5% growth over the past year to an average of $1,293/month. This opportunity is for an investor to acquire a recently renovated property in a highly desirable submarket with limited supply threats.
Community features such as basketball and tennis courts, two heated swimming pools, two updated clubhouses, 24-hour Fitness Center, fishing in the Smith Reservoir and more are available for residents.
Waterfront I and II was acquired by a multifamily investor based out of Southern California.
Photo courtesy of CBRE