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IRET Takes Westend MF in Downtown Denver for $129M
Westend, a 390-unit multifamily community in Denver, was acquired by Minot, ND-based IRET for $128.7 million. The 11.6-acre downtown apartment community is located at 3500 Rockmont Dr.
“This acquisition demonstrates our commitment to our strategy of adding multifamily properties, creating operational efficiencies, and deepening our presence in the Denver market,” said IRET’s Mark Decker, Jr. “As we grow our metro Denver portfolio, we continue seeking quality, well-located multifamily communities in high-demand submarkets.”
Built in 2015, Westend is a gated community located directly on downtown Denver’s park system along the Platte River, which provides direct access to Denver’s 53 acres of parks and 850-mile trail system. The 93.5%-occupied property is walkable to a variety of retailers, employers and city amenities, and is the only apartment community in downtown Denver featuring attached garages.
ARA Newmark’s Terrance Hunt and Shane Ozment represented the undisclosed seller.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition