The RMR Group has acquired The Ridge at Lowry, a 240-unit garden-style apartment community located at 10000 E. Alameda Avenue in Denver, for $70 million. The property will be rebranded as ARIUM at Lowry under RMR’s consumer-focused brand, ARIUM, and will undergo extensive interior and exterior renovations.
RMR has a nationwide residential investment and operating platform with approximately $5.3 billion of assets under management. With this acquisition, RMR expands its Denver residential presence to nearly 800 units in a market that continues to feature favorable demographics and strong rent growth.
Rob Lester, a senior vice president of RMR who heads RMR’s multifamily acquisition team, made the following statement:
“We have strong conviction in the long-term trends favoring the U.S. housing sector. We believe that our micro-market data analysis and high-performing operating platform enable us to identify unique value-add opportunities. Located in Denver’s Lowry neighborhood and situated between the highly coveted downtown Denver and Cherry Creek/Centennial sub-markets, we believe ARIUM at Lowry will offer superior access to public amenities and an improved, tenant-centric living environment. With limited new supply within the surrounding two-mile radius, RMR plans to deliver attainable living options in Lowry and contribute to the community’s growth and prosperity.”
The acquisition was funded with proceeds from a $46.5 million mortgage loan with a 5.34% fixed interest rate and an interest-only five-year term and cash on hand.
