LAKEWOOD, CO—Fowler Property Acquisitions has acquired Red Rocks I & II, a two-phased, 580-unit, garden-style community, from Fairfield Red Rocks LLC. The purchase price was $82.5 million.
Moran & Co. Mountain States regional partners, David Martin and Pamela Koster, represented the seller in the transaction. Red Rocks I & II is a two-phased garden-style community located in the Denver suburb of Lakewood, CO.
According to Martin, “Red Rocks I & II garnered a significant amount of attention, particularly from institutional buyers focused on implementing a value-add strategy.” Martin explains that, “the primary driver for this transaction was the ability to acquire an asset in the growing, yet very supply constrained market of Lakewood.”
Unique to this deal, he adds, “each of the potential buyers that advanced to the best-and-finals phase not only already owned in Lakewood, but within the immediate Federal Center area. Existing owners are clearly achieving success and will continue to seek out the next best opportunity in Lakewood for some time to come.”
Red Rocks I was built in 1981 and includes 408 units while Red Rocks II was built in 2000 and includes 172 units. The combination of 1981 and 2000 vintage product creates a diverse unit mix for prospective residents to choose from and provides almost two of every common area amenity including two clubhouses.
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