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RREEF Pays $101M for Castle Pines Property
Thompson Thrift has sold Citadel at Castle Pines, a 214-unit multifamily property to RREEF Property Trust for $101 million, or about $470,000 a unit. Walker & Dunlop’s Matt Barnett, Jake Young and Taylor Payne brokered the sale.
The property was delivered last December. In 2021, the developer took out a $57.7 million construction loan originated by Bank of America, according to Yardi Matrix information. That note was set to expire next month.
The Class A community has a mix of paired villa-style homes and three-story townhomes on 20 acres. Sizes of the units range between 712 and 2,145 square feet. Select layouts also feature private balconies or patios.
Common-area amenities feature a residential social lounge, pickleball courts, fitness center, swimming pool with cabanas, spa and grills. Additionally, the property has a dog park and dog spa, business center, fire pits and about 315 parking spaces.
Located at 353 Edge View Circle, Citadel at Castle Pines is some 25 miles away from Denver.
- ◦Sale/Acquisition
