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DENVER-American Realty Advisors has acquired Brookside Village, a 304-unit apartment complex here from a client of JP Morgan Investment Management. A local source tells GlobeSt.com the purchase price was approximately $57.4 million. ARA declined to confirm or deny the information. The property last traded in 2001 for $40 million.

Built in 1995, Brookside Village is comprised of 36 two and three-story buildings that overlook natural wetlands. It is located within the Denver Technological Center, a 909-acre business park located at the junction of interstates 25 and 225, 10 miles south of downtown Denver. ARA has re-branded the property Alara Greenwood Village.

The units at Brookside are above average in size, have townhome layouts and come with full-size washers and dryers. Common amenities include a clubhouse with 24-hour fitness facility and a theater room. ARA president Stanley Lezman says the asset is attractive because is located in a top ranked school district with a solid employment base, nearby convenience retail and recreational amenities, and attractive unit plans.

“We are confident that this investment, acquired approximately 20% below replacement cost, will produce stable returns for our investors over the course of our holding period,” he said. ARA’s expected hold period for this asset was not immediately available but hold periods generally range from two to seven years.

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