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WESTMINSTER, CO-Chicago-based AMLI Residential Properties Trust has bought the luxury Retreat at Westcliff, which it renamed as AMLI at Westcliff. Although the REIT didn’t disclose the purchase price of the 372-unit community completed last year, pubic records indicate it sold for $43.5 million.

The community, developed by Allied Realty Services Ltd., sits on 26.5 acres on Westcliff Parkway, just west of US 36 and south of Church Ranch Boulevard. It has 372,200 sf of rentable space in 20 two- and three-story buildings. The unit mix is 63% one-bedrooms, 33% two-bedrooms and 4% three-bedrooms. Units range from 783 sf to 1,817 sf, with the average size at 1,001 sf. Amenities include a resort-style swimming pool, state-of-the-art fitness center, two sand volleyball courts, a business center and attached and detached garages. Interior features include nine-foot ceilings, granite kitchen bar countertops, granite tile entries, gas fireplaces, walk-in closets, and full-size washers and dryers in each unit.

“AMLI at Westcliff is a great addition to our Denver portfolio,” saysAMLI president Allan J. Sweet. “This new community is situated in a superb location between Denver’s business district and Boulder County. We continue to look for investment opportunities such as this to increase our presence in Denver.”

The community is near the Interlocken office park, as well as the FlatIron Crossing shopping center, the Westminster Mall and Westminster Promenade. Other than Downtown Denver, there is no place in the metro area with greater barriers to entry, which will keep the supply down, Jeff Hawks, principal of Apartment Realty Advisors, tells GlobeSt.com. Hawks, with partner Doug Andrews, represented Allied Realty in the deal.

“AMLI got a great deal on this purchase,” Hawks says. “It feels like this is the very bottom of the cycle. They should have nothing but upside.”

After concessions, effective rents are $1 per sf. Lauren Brockman, principal of Allied, says AMLI should get another 20 cents to 30 centsper sf when the market returns. Andrews agrees. “In spite of the recession, this area continues to explode with commercial development,” says Andrews. “The community really benefits from its excellent visibility from the Boulder Turnpike.”

It’s unlikely that any other apartment community will sell for this amount of money this year, Andrews said. AMLI also owns luxuryapartment communities at Lowry, near the Park Meadows shopping mall, and in Gateway, at the doorstep to the Denver International Airport.

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