New York-based Investment Firm Acquires Fourth Denver Metro Property within 16 Months
LAKEWOOD — New York-based Castle Lanterra Properties (CLP) continues to expand its multifamily portfolio in the Denver metro area with the acquisition of its fourth property within the last 16 months. The firm recently purchased the 201-unit property, The Ranch at Bear Creek, bringing its total unit count to more than 1,100.
Located at 3324 S. Field St. in Lakewood, The Ranch at Bear Creek is situated in the consistently low vacancy and high-barrier-to-entry Lakewood submarket, where only one new multifamily development project has been completed in the past 15 years.
“We continue to be attracted by Denver’s positive economic outlook,” said CEO Elie Rieder. “The acquisition of Ranch at Bear Creek marks our second purchase in the city of Lakewood. This submarket is particularly compelling for us due to its high barriers to entry, its close proximity to major employment centers such as the Denver Federal Center and Saint Anthony’s Hospital, as well as its accessibility to downtown Denver. Lakewood also boasts one of the highest rated school districts in the state, resulting in a highly sought after mix of quality education, employment, healthcare, retail, and recreation – all at an affordable price point.”
Built in 1973, the community features 118 two- and three-bedroom townhomes, 54 two-bedroom residences and 29 one-bedroom units. Average square footage ranges from 1,270 for the three-bedroom townhomes to 685 for the one-bedroom layouts. Adjacent to an attractive, city-maintained park, The Ranch at Bear Creek features an array of amenities including a remodeled clubhouse, newly constructed state-of-the-art fitness center, two swimming pools and a business center. Other attractions include a spin and yoga room with fitness on demand, an outdoor grilling area with new gas grills, an outdoor lounge with gas fire pit, and a recreation room.
The complex is twenty minutes from downtown Denver and its 375,000 jobs in a diverse base of industries, including Denver Federal Center, St. Anthony Hospital and Lockheed Martin. more than 623 tech startups are located in the downtown, and the area’s Fortune 500 companies include Wells Fargo, CenturyLink, and DaVita. Recent downtown relocations and expansions include Zen Payroll, Ibotta, DaVita, and Liberty Global.
CLP is a privately held real estate investment company focused on the acquisition and management of quality income producing multifamily properties within strategic growth markets throughout the United States.
Photo courtesy of CLP