AMLI Residential Acquires 197-Unit Park Avenue Lofts; Kimco Expands Metro Denver Area Portfolio
- Jan 02, 2012
AMLI Residential, a Chicago-based real estate investment company focusing on the development, acquisition and management of luxury apartment communities, has acquired Park Avenue Lofts in downtown Denver.
The 197-unit complex, located at 755 E. 19th Avenue, was one of the few core multifamily assets available in downtown Denver. The Denver Business Journal reports the property was acquired for $49.5 million from Houston-based Martin Fein Interests Ltd., doing business as Park Avenue Lofts LLC. The deal was brokered by principals Terrence Hunt, Doug Andrews and Jeff Hawks of ARA.
Hunt said AMLI has been searching for a core asset in the region for some time, but the options were limited because “Denver is in play.” Increased activity has pushed the prices, but since multifamily is the hottest real estate class at the moment, financing is available.
At the time of sale the property had an occupancy rate of 97 percent.
In other news, Kimco Realty Corp., a New Hyde Park, NY-based REIT, has expanded its Denver portfolio by purchasing the Market at Southpark, 7901 S. Broadway, Littleton from Village Crossroads 11 LLC for $30 million. The 182,295-square-foot center is anchored by a King Soopers.
Senior Vice President Scott Onufrey said the REIT is pushing on the Denver market due to its strong leasing, which is lower than the national average unemployment rate, and its growing population. The prices are also better than in the Big Six markets.
Kimco owns—or has an interest in—940 shopping center properties comprising approximately 138 million square feet. Ten properties are located in the metro Denver area.
Photo Courtesy of: AMLI.com