Transit Oriented Multifamily Community Sells to National Real Estate Firm
“The Denver market continues to outpace the country in terms of job and population growth, even throughout the current health crisis,” noted Lindsay Schuckman, vice president of The Praedium Group. “With Gateway Arvada Ridge, we are acquiring a high-quality, transit-oriented property, in a strong suburban location that is not only experiencing in-migration but also has high barriers to entry.”
Constructed in 2019, Gateway Arvada Ridge is a high-quality four-story elevatored property with interior air-conditioned corridors. Among the expansive set of amenities available at Gateway Arvada Ridge are a resort-style pool and spa, a two-story clubhouse with game room and billiards, fitness center with spin studio, pet park and spa, community grilling areas and bike wash/repair shop. The community boasts 534 parking spaces, including 12 direct access garages, 12 carriage building garages, 75 breezeway garages, 48 detached satellite garages, 47 carports and 340 open spaces.
The multifamily community is adjacent to the Arvada Ridge Station, providing residents easy access to Union Station in downtown Denver and to Olde Town Arvada. Gateway’s location capitalizes on renters’ preference to the western suburbs where they are closer and have easier access to the mountains.
“We are especially excited about this opportunity,” Schuckman explained, “Because the complex is close to many of Denver’s major employment centers including downtown Denver, one of the nation’s fastest growing employment hubs with over 180,000 jobs; the Denver West Office Park with 14,000 employees; Denver Federal Center/St. Anthony Hospital with 8,400
jobs; and the I-36 Broomfield Corridor with 127,000 jobs. Many of these jobs are in what we believe to be resilient industries such as engineering, healthcare, and technology, as well as Fortune 500 companies, including Ball Corporation, Oracle, CenturyLink, Trimble, and Vail Resorts.”
“The acquisition of Gateway Arvada Ridge furthers our strategy of acquiring high quality multifamily properties in markets with strong growth prospects,” noted Peter Calatozzo, principal of The Praedium Group. “We expect to continue to expand our footprint in the market, as the Denver MSA has established itself as a regional center for industries that will perform well in the current economic environment.”
Photo courtesy of The Praedium Group