MINNEAPOLIS, March 28, 2018 /PRNewswire/ -- IRET (NYSE: IRET) today announced that it acquired Westend, a multifamily apartment community in Denver, CO, for $128.7 million. This 390-home multifamily community is located in downtown Denver.
"This acquisition demonstrates our commitment to our strategy of adding multifamily properties, creating operational efficiencies, and deepening our presence in the Denver market," stated Mark O. Decker, Jr., President and CEO. "As we grow our metro Denver portfolio, we continue seeking quality, well-located multifamily communities in high-demand submarkets. Westend sits on 11.6 acres in downtown Denver, is immediately adjacent to Denver's downtown park system, and provides residents walkability to a variety of retail and employment locations. Given Westend's asset characteristics and uniqueness in the marketplace, we are excited to add this community to our portfolio."
Built in 2015, Westend is a gated community located directly on downtown Denver's park system along the Platte River, providing residents direct access to Denver's 53 acres of parks and 850-mile trail system. Westend is walkable to a variety of retailers, employers and city amenities. Westend is the only apartment community in downtown Denver featuring attached garages, and it is located between the high-demand neighborhoods of Lower Downtown (LoDo), Lower Highlands (LoHi) and River North Art District (RiNo). Other Westend amenities include:
- Resort-style pool and spa deck;
- Roof deck with seating area, outdoor kitchen, spinning bikes, pool table, fireplace, and sun deck;
- Large fitness center;
- Dog park;
- Clubroom with pool table, TVs, and unobstructed views of downtown Denver and the mountains;
- Free-standing kitchen islands with pendant lighting;
- Stainless steel appliances, quartz countertops, and modern lighting and hardware;
- Full-size washer-dryers (in unit); and
- Large private balconies.
The property is currently over 93.5% occupied and has approximately 343,138 rentable square feet within 15 apartment buildings.
IRET is a real estate company focused on the ownership, management, acquisition, redevelopment, and development of multifamily apartment communities. As of January 31, 2018, IRET owned interests in 89 multifamily properties consisting of 13,786 apartment homes. IRET's common shares and Series C preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET and IRET PRC, respectively).
Senior Vice President – Capital Markets