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