LITTLETON, CO - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of the 350-unit Alexan Downtown Littleton apartment community in Littleton, CO. ARA Colorado principals, Jeff Hawks, Doug Andrews, Terrance Hunt, and Shane Ozment, represented the seller, Texas-based Trammell Crow Residential, in the transaction.
Alexan Downtown Littleton was purchased by CBRE Global Investors for an undisclosed price.
“The location of this asset was the key to the amount of purchaser activity and level of interest from institutional investors” said Shane Ozment. Jeff Hawks noted, “Barriers to entry in the Littleton submarket and multiple apartment communities converted to condominiums in the early 2000s has kept Littleton as one of the tightest apartment submarkets in metro Denver.”
Originally zoned for industrial purposes, the land was initially purchased by Trammell Crow Residential with assistance from ARA Colorado’s multifamily land team, principals, Steve O’Dell and Chris Cowan, in 2008.
“When the site became vacant, we envisioned a multifamily development there. After introducing Trammell Crow Residential to the site, working through the rezoning , and reviewing the amenities within the immediate vicinity, including proximity to light rail and historic downtown Littleton’s mall street shops and restaurants, we knew this would be a successful multifamily development” stated ARA’s Steve O’Dell.
After completion of the project in 2009, Alexan Downtown Littleton set a new benchmark for suburban transit-oriented development.
Terrance Hunt explained, “It had been more than a decade since a AAA luxury apartment community had been built in Littleton.”
Residents of Alexan Downtown Littleton enjoy state-of-the-art amenities including a designer clubhouse powered by clean solar energy, a heated resort-style pool with an outdoor television lounge, spacious fitness center with yoga studio, as well as many designer accents throughout each apartment home.
Jeff Hawks added, “Alexan Downtown Littleton’s strategic, convenient location, unique urban style, desirable garden-style construction, and fabulous views of the Rocky Mountains, combined to make the property a favorite among high-end apartment renters.”
The property was 97.5% occupied at the time of closing.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, please contact Lisa Robinson at lrobinson@ARAusa.com or 678.553.9360, or Amy Morris at amorris@arausa.com or 678.553.9366; locally, Jeff Hawks at hawks@ARAusa.com, Doug Andrews at andrews@ARAusa.com, Terrance Hunt at hunt@ARAusa.com, or Shane Ozment at ozment@ARAusa.com, or 303.260.4400.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com