Alexan CityCenter, with 438 units, sits on the light rail line that connects the southwest portion of the metro area to Downtown.It was the first transit-oriented development sale in the metro area, as well as the largest single apartment sale so far this year. Doug Andrews and Jeff Hawks of Denver-based Apartment Realty Advisors handled the transaction.

Alexan CityCenter is next to the Santa Fe RTD light rail line. The Hampden Avenue light rail stop adjacent to the property, which is part of the former Cinderella City regional mall that is being converted into a mixed-use development.

Alexan CityCenter is Denver's first transit-oriented development, says Andrews. "Its residents use the light rail to go Downtown to work or for entertainment. Like a new apartment community in downtown, Alexan CityCenter has an urban design, but it's much more affordable for renters."

Adds Hawks: "We had unprecedented demand from buyers for this property. Institutions as well as private investors were very excited about the location, style and transit-oriented aspect of Alexan CityCenter."

The community has 244 one-bedroom units, 168 two-bedroom units, and 26 three-bedroom units, with an average size of 925 sf. The property was developed in two phases. The first phase had 227 units and 13,330 sf of retail space. The second phase, completed at the end of last year, had 211 units. Trammell Crow Residential operates the property.

Andrews and Hawks represented Trammell Crow Residential in the transaction. They sold about $228.3 million in apartments in 2002 and more than $1.6 billion in apartments during the past five years.

Instant Insights /

Transit-Oriented Apartment Development Sells for $52M

Related Stories

Recommended For You