Rare Townhome Asset in Metro Denver Sells for $65 Million

Sunset Ridge

DENVERARA, A Newmark Company (ARA Newmark) recently announced the $65 million sale of Sunset Ridge, a 280-unit asset in Westminster, part of the consistently low-vacancy and high-rent-growth Arvada submarket in metro Denver. The three-mile radius around Sunset Ridge projects a population increase of more than six percent by 2021.

Vice Chairmen Shane Ozment, Terrance Hunt, Jeff Hawks and Doug Andrews represented Dallas, TX-based real estate company, WillMax Capital Management – which focuses on value-add apartment acquisitions – in the sale to Castle Lanterra Properties of New York.

Sunset Ridge sits along the Denver-Boulder Turnpike (US-36), a prominent technology corridor and home to tech companies, Level 3 Communications and Oracle. Both Denver and Boulder are 20-minute drives from the property via US 36. Earlier this year, Forbes ranked the metro Denver area, including Boulder, as the No.2 “City Poised to Become Tomorrow’s Tech Mecca.”

“In metro Denver’s multihousing market, this type of property is a rarity – an owner-operated community with 100 percent rental townhome units. Traditionally, townhome sales are more like individual single-family home sales than multihousing community investments,” Hunt said. “We saw strong demand, competitive bidding and multiple offers. The buyer has the opportunity to boost property value through further in-unit upgrades including finishing the existing full-size basements in each unit.”

Image of Sunset Ridge, courtesy of ARA, A Newmark Company.

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