Built in 1995, Brookside Village is comprised of 36 two andthree-story buildings that overlook natural wetlands. It is locatedwithin the Denver Technological Center, a 909-acre business parklocated at the junction of interstates 25 and 225, 10 miles southof downtown Denver. ARA has re-branded the property Alara GreenwoodVillage.

The units at Brookside are above average in size, have townhomelayouts and come with full-size washers and dryers. Commonamenities include a clubhouse with 24-hour fitness facility and atheater room. ARA president Stanley Lezman says the asset isattractive because is located in a top ranked school district witha solid employment base, nearby convenience retail and recreationalamenities, and attractive unit plans.

"We are confident that this investment, acquired approximately20% below replacement cost, will produce stable returns for ourinvestors over the course of our holding period," he said. ARA'sexpected hold period for this asset was not immediately availablebut hold periods generally range from two to seven years.