ColRich Multifamily has acquired Belmar Villas, a 318-unit multifamily community just south of Belmar Shopping District in Lakewood. ColRich paid $74.3 million for the project. Independence Realty Trust was the seller. Commercial Edge reports ColRich is subject to a 10-year Fannie Mae loan of $52 million. The asset previously traded in 2017 for $63.3 million. It’s ColRich’s 19th Denver-area property.

CBRE brokered the deal, with the Denver team representing the seller and a different CBRE team, Los Angeles-based, arranged acquisition financing. 

The garden-style property at 700 S. Reed Court came online in 1971. The Denver-area community includes 17 buildings and a leasing office situated on 18 acres. Amenities feature fitness and business centers, a swimming pool, a clubhouse, as well as tennis, volleyball and basketball courts.

Belmar Villas is roughly a mile from both West Alameda Avenue and Belmar Shopping District, the latter encompassing 1.6 million square feet of retail and 400,000 square feet of office.

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