Lowe Enterprises Acquires 360-Unit St. Moritz Apartment Community in the Denver Area
- Nov 20, 2014
By Ioana Neamt, Associate Editor
Lowe Enterprises Investors (LEI), a Los-Angeles based provider of real estate investment services and a subsidiary of Lowe Enterprises recently announced it has purchased the St. Moritz apartment community in the North Lakewood area of Denver, in joint venture with an investment client. Doug Andrews and Jeff Hawks of ARA Real Estate Investment Services represented the seller in the transaction, an affiliate of DiNapoli Capital Partners, according to a news release.
Located at 1724 Robb St. in Lakewood, the St. Moritz garden-style apartment community features 360 one- and two-bedroom units across 15 buildings, and is currently 98 percent occupied. The property also includes a clubhouse with a 24-hour fitness center, basketball and tennis courts, pool and spa, barbeque areas and a business center. Lowe Enterprises plans to further enhance the property’s appeal with multiple upgrades, including the addition of washers and dryers to all apartment units.
“The St. Moritz apartment community combines a peaceful park-like setting with the advantage of easy access to local amenities, downtown Denver and major thoroughfares,” says Andy Sands, senior vice president of Lowe Enterprises Investors. “The physical and operational improvements we intend to make at the St. Moritz will position it to be a leader in the market.”
The St. Moritz community, managed by Greystar, is conveniently located in close proximity to retail and entertainment destinations such as the new Belmar Shopping District, Denver West’s Colorado Mills shopping center, Elitch Gardens Amusement Park, Coors Field and the Pepsi Center. Additionally, the property provides easy access to Highway 6 and Colfax Road, and is just one mile south of the Oak Station on the West Light Rail Line.
Los Angeles-based Lowe Enterprises, founded in 1972 by Robert J. Lowe, Sr., operates through three separate business units: Lowe Enterprises Investors, Lowe Hospitality Group, and Lowe Enterprises Real Estate Group. The company currently oversees roughly $4 billion of investments on behalf of its partners and clients. The Lowe Enterprises Real Estate Group currently operates about one million square feet of commercial space in the Denver area.
Image courtesy of www.stmoritzapts.com
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