LONE TREE, 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 sales of The Vue at RidgeGate, a 281-unit community and the Miramont at RidgeGate, a 243-unit community. Both properties are located in the RidgeGate development in Lone Tree, CO. ARA Denver-based Principals Doug Andrews, Jeff Hawks, Terrance Hunt, Shane Ozment, along with Associate, Anna Stevens, represented the seller, an affiliate of Martin Fein Interests, Ltd., a Houston, TX-based real estate investment and development firm and property management company, in both of these transactions.
The buyer of The Vue at RidgeGate was AMLI Residential, a preeminent multifamily real estate firm headquartered in Chicago. Including this acquisition, AMLI owns nine communities, which include 2,399 stabilized apartment homes and 667 apartments under construction or in lease-up, in the greater Denver metro area. The buyer for Miramont at RidgeGate, CWS Capital partners, is a fully integrated real estate investment management company specializing in the acquisition, development, and repositioning of apartment communities in fast growing American cities. CWS owns Marquis at the Parkway, (460 units,) in Denver and Marquis at Town Centre, (283 units,) in Broomfield.
The Vue at RidgeGate and Miramont at RidgeGate are both conveniently located across the street from the Charles Schwab Campus within the RidgeGate Development Community which is a mixed-use sustainable community that will eventually span over 3,500 acres. RidgeGate is a unique blend of urban and open space with over a third of its acreage dedicated to open space, parks, trails and preserved land. RidgeGate is a healthy balance of residential neighborhoods and retail villages, office districts and cultural amenities. The community is walkable and will further benefit from the RTD’s Southeast line extension.
“All of the key ingredients for success exist for both of these properties,” noted Doug Andrews. “This area benefits from key job growth with the new developments such as Charles Schwab Campus across the way and attractions such as the Lone Tree Cultural Arts Center along with the planned 1,000 acres of parks, trails and open space. Further, the commute to downtown Denver will be easier than ever for residents in the near future,” he added, referencing the Southeast line extension that will service the RidgeGate community directly.
Martin Fein Interests, Ltd. built The Vue at RidgeGate in 2013 and Miramont at RidgeGate in 2010. These class AAA properties are equipped with superior community amenity packages and attracted multiple competitive offers.
“We had fierce competitions between prospective buyers,” noted Jeff Hawks. “Every potential buyer was a qualified institutional player with a great track record.”
Occupancy at the time of sale was 92.2% at The Vue at RidgeGate and 96.3% for Miramont at RidgeGate.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Jessica Graham at graham@arausa.com or 303-260-4478.
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 an annual production volume of more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com