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REIT Pays $95M for 306-Unit Denver Rental Community
Publicly-traded Avalon Bay Communities purchased a 306-unit apartment community in the south Denver-metro area for $95 million.
Bell Fund VI was the seller of the multifamily community, at 3650 S. Broadway, in Englewood. It is located at the southeast intersection of South Broadway and Hampden Avenue.
The nearly 4.6-acre property was formerly known as Alta Cherry Hills but has been rebranded as Avalon Cherry Hills. The Denver Business Journal reports the apartment community was last sold in 2017, for $78.3 million. It was built in 2016.
The buildings feature studio, one-, two- and three-bedroom layouts with rents ranging from $1,365 to $2,682 a month.
The equity REIT company is a member of the S&P 500. It develops, redevelops, acquires and manages apartment communities across the United States. As of June 30, the company owned, or held a direct or indirect ownership interest, in 300 apartment communities consisting of almost 91,400 apartment homes in 12 states and the District of Columbia.
- ◦Sale/Acquisition
