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LONE TREE, CO-The locally-based Pauls Corp. paid $49 million for the 400-unit Crest at Lone Tree apartment community in this southeast Denver city. The seller was Denver-based Carmel Contractors, which developed this community that opened in March. Denver-based Apartment Realty Advisors represented Carmel Partners of San Francisco in the transaction.

The Crest at Lone Tree has leased rapidly despite the soft economy, Jeff Hawks, a principal of Apartment Realty tells GlobeSt.com. “It’s out-pacing just about every other community along that corridor,” he went on to tell GlobeSt.com.

The community, which received a Pillars of the Industry award by the National Association of Home Builders, is at the intersection of Interstate 25 and C-470, across the street from the Park Meadows regional mall. “You can’t miss the Crest, with its distinctive architecture and high-profile location,” says Doug Andrews, also a principal of Apartment Realty Advisors. “Add the award-winning clubhouse and innovative floorplans and you have a sure prescription for a successful community.”

Hawks adds that it is close to Meridian International Business Park and the Denver Tech. Bill Pauls, head of the Pauls Corp., used to be president of the Tech Center, which owns both of the office parks. The Pauls Corp. now owns the 1,200-acre Gateway development next to the Denver International Airport. Hawks also notes that the Crest is near a light rail station that will open in 2006.

Units at the Crest range from 719 to 1,393 sf. It has 194 one-bedroom units, 178 two-bedrooms units, and 28 three-bedroom units. The average size of all units is 1,000 sf. Monthly rents range from $905 to $1,525 and two months of free rent are available on a one-year lease. Some nearby communities are offering up to four months of free rent.

Hawks says the Crest clubhouse includes a cascading fountain and zero-edge lap pool, a state-of-the-art movie theater, a game room with gourmet kitchen, a fitness center, basketball and volleyball courts and several retail shops.

When the market improves, the Crest will be one of the first communities to be able to drop its concessions, Hawks says.

Hawks and Andrews have sold $138 million in apartments this year and during the past six years have sold $1.7 billion in apartments in the metro area.

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