IRET acquires downtown Denver apartment property for $128.7 million
The Investors Real Estate Trust (IRET) spent $128.7 million to acquire Westend, downtown Denver’s only apartment community with attached garages and other amenities.
"This acquisition demonstrates our commitment to our strategy of adding multifamily properties, creating operational efficiencies, and deepening our presence in the Denver market," Mark Decker Jr., IRET president and CEO, said. "As we grow our metro Denver portfolio, we continue seeking quality, well-located multifamily communities in high-demand submarkets."
The more than 11-acre gated community features 309 homes in 15 buildings. It is more than 93 percent occupied, and those who live there enjoy a pool and spa, a roof deck, outdoor kitchen, sun deck, fireplace, a large fitness center and a dog park, as well as a clubroom with televisions, billiards and views of downtown and the mountains.
Each home in the 3-year-old development also features upgraded appliances, full-size washers and dryers, and private balconies. Located along downtown’s 53-acre park and 850-mile trail system along the Platte River, Westend ranks high in walkability.
“Given Westend’s … characteristics and uniqueness in the marketplace, we are excited to add this community to our portfolio,” Decker said.