Well-Located Multifamily in Strong Job Center Aligns with RREEF’s Portfolio Strategy

RREEF Property Trust Inc., a publicly registered REIT advised by DWS through an affiliate, recently acquired a 306-unit class-A multifamily property in Centennial, CO, an affluent suburb southeast of Denver. The purchase price was $128.5 million.

The 93.5 percent leased property was completed in 2018 and represents the initial project within The District, a planned mixed-use development project. The property is within walking distance of a light rail station and only a few minutes’ drive to major highways. Upon buildout, The District will be a walkable community anticipated to include 2.5 million square feet of office space, more than 30,000 square feet of retail space, a hotel and additional residential units.

“Acquiring a well-located multifamily asset in one of the strongest job growth corridors in the mountain west is aligned with our portfolio strategy for the REIT,” said Todd Henderson, chairman of the board and CEO of RREEF Property Trust and head of real estate, Americas at DWS. “We continue to remain constructive on the multifamily sector as we believe that strong residential market fundamentals in the U.S. will continue due to low current vacancy rates, low housing supply and a disciplined construction pipeline.”