Oak Brook, Ill. – Inland Real Estate Acquisitions, Inc. (“Inland Acquisitions” or “the Company”) announced today that it facilitated the acquisition of Solaire Apartments, a newly constructed 252-unit multifamily property located in Brighton, Colorado, approximately 20 miles northeast of the central business district of Denver. Matthew Tice, senior vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate.
Located at 1287 South 8th Avenue, Solaire Apartments consists of 11 buildings containing 114 one-bedroom, 108 two-bedroom and 30 three-bedroom units. Situated on one of the nation’s largest geothermal systems, Solaire Apartments provides its residents with renewable energy. Each unit includes nine-foot ceilings, a roman tub, full size washer and dryer, exterior storage and a private balcony or patio. The property also offers residents a variety of community amenities, including a heated swimming pool, hot tub, 24-hour fitness center, outdoor grilling stations, business center and playground.
“Solaire Apartments was an attractive purchase due to its unique energy-efficient capabilities and prime location within the rapidly growing northeast Denver submarket, which has a population that is projected to increase by 20,000 over the next five years,” said Tice. “Northeast Denver has experienced an approximate 41 percent growth in employment since 2009, and has several large projects underway with well-known employers like Amazon, Panasonic and Wal-Mart.”
As of the acquisition date, the property was 94 percent leased.
This property marks more than $550 million of purchases that Inland Acquisitions has facilitated within the Denver market. To date, the Company has facilitated $44 billion of purchases including retail centers, single-tenant properties and a total of $4 billion in apartments.
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About Inland Real Estate Acquisitions, Inc.
Inland Real Estate Acquisitions, Inc. is the purchasing arm for various entities that are a part of The Inland Real Estate Group of Companies, Inc., a group of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored or managed by Inland Real Estate Investment Corporation or its subsidiaries (collectively, “Inland”). For additional information, please refer to Inland’s website at www.inlandgroup.com.
