LAKEWOOD, CO—Fowler PropertyAcquisitions has acquired Red Rocks I &II, a two-phased, 580-unit, garden-style community, fromFairfield Red Rocks LLC. The purchase price was$82.5 million.

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Moran & Co. Mountain Statesregional partners, David Martin and PamelaKoster, represented the seller in the transaction. RedRocks I & II is a two-phased garden-style community located inthe Denver suburb of Lakewood, CO.

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According to Martin, “Red Rocks I & II garnered asignificant amount of attention, particularly from institutionalbuyers focused on implementing a value-add strategy.” Martinexplains that, “the primary driver for this transaction was theability to acquire an asset in the growing, yet very supplyconstrained market of Lakewood.”

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Unique to this deal, he adds, “each of the potential buyers thatadvanced to the best-and-finals phase not only already owned inLakewood, but within the immediate Federal Center area. Existingowners are clearly achieving success and will continue to seek outthe next best opportunity in Lakewood for some time to come.”

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Red Rocks I was built in 1981 and includes 408 units while RedRocks II was built in 2000 and includes 172 units. The combinationof 1981 and 2000 vintage product creates a diverse unit mix forprospective residents to choose from and provides almost two ofevery common area amenity including two clubhouses.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.