Apartment Realty Advisors, the seller's brokerage firm tells GlobeSt.com that the class A property was built in 2000 and is 90% occupied. ARA Denver principals Doug Andrews and Jeff Hawks were the brokers.
Jonathan Rose & Cos. acquired the asset in 2002 for $22 million. Hawks says Carmel Partners plans to rehab the property and capitalize on the improving Denver market, specifically the growth of the Belmar submarket.
"The market is turning and Belmar is seeing increased rental rates," says Hawks. "The retail and business growth, combined with the lack of multifamily development in the area makes this a very attractive pocket of Denver."
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