DENVER, CO - Inland Real Estate Acquisitions, Inc. announced today that it negotiated and helped close the purchase of Black Feather Apartment Homes, an 83-unit multifamily property located in Castle Rock, Colorado, a southern suburb of Denver.
Matthew Tice, senior vice president of Inland Real Estate Acquisitions, Inc., facilitated the transaction, with assistance from David Neboyskey, assistant vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department, on behalf of an Inland affiliate.
Located directly off I-25 in a major retail corridor of Castle Rock, the property was recently constructed in 2016 and features a mix of townhome, three-story walk-up apartments and owned condominium units. The transaction consisted of 48 two-bedroom, 32 three-bedroom and three four-bedroom apartments with 49 detached and 28 attached garages and 131 open parking spaces. Each unit at Black Feather Apartment Homes features nine-foot ceilings, stainless steel appliances, granite countertops and a full-size washer and dryer. The property also provides residents with access to a community swimming pool, clubhouse and barbecue areas.
“Black Feather Apartment Homes' prime location places residents just a short drive from Denver or Colorado Springs and within close proximity to a variety of retail destinations,” said Tice. “Due to its high-end, condominium-quality finishes combined with convenient access to a major interstate, this property was an attractive acquisition opportunity and is an example of the type of multifamily properties we continue to seek out.”
As of August 1, 2017, the property was 96.4 percent occupied.
This transaction marks Inland Real Estate Acquisitions, Inc.’s 15th multifamily acquisition in Colorado. To date, Inland Real Estate Acquisitions, Inc. has facilitated more than $44 billion of purchases including apartments, single-tenant properties, medical office buildings and retail properties.