Lone Tree Apartment Community Fetches $80M
Los Angeles-based Ares Management acquired a Lone Tree rental community for $80 million, or $344,000 a unit. Cortland was the seller of the Cortland Lincoln Station. The 232-unit development stands five stories and was built in 2018.
The name of the project has recently been changed to Arabelle Lincoln Station. It features one- and two-bedroom units and amenities that include a saltwater pool, a two-story fitness center and a business center with conference rooms. The community is close to the Sky Ridge Medical Center and the Park Meadows shopping mall. Lone Tree is a south Denver suburb.
Dan Woodward led a Walker & Dunlop team that brokered the sale.
Cortland lists 14 multifamily communities in the Denver metro area.
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