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Equity Residential Spends $77M On Lakewood Rental Community
Equity Residential has increased its already robust portfolio of multifamily assets by purchasing the 202-unit NOVEL White Fence Farm. The property, at 6273 W. Jewell in Lakewood, fetched $77 million. A joint venture of Crescent Communities and ParkProperty Capital spun off the recently completed asset.
The sale was arranged by Newmark’s Courtney Crowder and Jack Kachadurian.
The community, completed last year, features two apartment buildings, along with other amenities like a fitness studio, resident gardens and private garages.
Crescent Communities developed the project on the site of the former White Fence Farm restaurant and animal farm. The original farmhouse, totaling 9,300 square feet, was converted into the community clubhouse.
Rent starts at $1,753 and increases to almost $3,000. The apartments range in size from 556 to 1,263.
Equity Residential, a member of the S&P 500, owns or has investments in 299 properties totaling 79,738 apartment units.
- ◦Sale/Acquisition
