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Equity Pays $315K/Unit for Denver Apartment Project
Equity Residential paid $94.5 million for a 300-unit multifamily community at 14770 Orchard Parkway off I-25 and W. 144th Avenue in Denver. The seller was a Blackstone REIT. The Arbour Square Apartments last sold in 2019 for $80.5 million. The 6.65-acre project includes eight buildings constructed in 2011. The property is currently 95% occupied. The sales price came out to $315,000 a unit.
Each unit either has a balcony or patio. Exterior amenities include a pool and hot tub, rooftop lounge, golf simulator and a fitness center.
The apartment complex is across the street from Orchard Town Center, a 1.2 million square foot retail and entertainment center.
Equity Residential owns 14 residential communities in the Denver metro region. The company previously purchased a three-property portfolio from Blackstone.
- ◦Sale/Acquisition
