RADCO Buys 512-Unit M-F Community in Metro Denver for $95M
- Jun 30, 2014
The RADCO Cos. has acquired Parc Belmar, a 512-unit apartment community in Lakewood, Colo., from a local developer for $95.3 million.
Moran & Co. brokered the transaction, which is the largest multi-family deal in Colorado so far in 2014.
“It is so close to downtown Denver and the west side is nearer to the resorts. And Belmar itself is its own destination with the most exciting planned downtown within walking distance. I call it a B plus property in an A location,” Norman Radow, RADCO’s CEO, told Commercial Property Executive. “Denver and Atlanta have been jockeying for the number one and two spots as the best cities for multi-family in the U.S. In fact, Denver eclipsed Atlanta in May, a fact we learned just two days before the closing.”
Located at 7301 W. Ohio Ave., the 33-building Parc Belmar is situated on 26.3 acres in the city’s Belmar submarket, and offers one-, two- and three-bedroom floor plans that average 1,201 square feet. Each unit includes washer/dryer connections, fireplaces, open kitchens, sizable bathrooms, high ceilings and many units have private garages.
The property is currently 95 percent occupied and according to Radow, RADCO plans to implement a $5 million capital improvement plan to bring the asset to a Class A level.
RADCO plans to reposition the property by undertaking a $1.2 million renovation of the 27,000-square-foot clubhouse and leasing center, and upgrading the unit interiors with high-end finishes. Once completed, it will rebrand as Ashford Belmar.
The clubhouse contains an indoor, Olympic-sized swimming pool, plus an expansive fitness center with yoga/Zumba, weight and cardio rooms, and trainers and a masseuse available by appointment. Parc Belmar also features a steam and sauna room, oversized theatre room, business center, dog spa and golf simulation facility.
The property is adjacent to the Belmar shopping district, a mixed-use development that includes shops and restaurants, residential units, office space and parks.
“It is in walking distance to a new theatre, a brand new Whole Foods that reportedly is the largest in the state, and over 30 bars and restaurants,” Radow added. “That’s living and playing, all in walking distance. And with the shuttle to the new light rail line, it truly is a live/work/play community.”
With Parc Belmar joining its portfolio, RADCO’s portfolio now includes more than 6,500 multi-family units in five cities in the Southeast and the Midwest. This acquisition is RADCO’s first in the Denver market, and Radow said it plans to pursue additional opportunities in the area.
It’s not just RADCO taking advantage of the hot Denver market. Aside from multi-family, hospitality is also heating up in Denver’s CBD.