PRESS ROOMNEWS RELEASE
Inland Real Estate Acquisitions, LLC Closes the Purchase of a Class A Multifamily Property in ColoradoJanuary 09, 2018
Oak Brook, Ill. – Inland Real Estate Acquisitions, LLC announced today that it negotiated and closed the purchase of Union West Apartments, a 267-unit, Class A multifamily property located in Lakewood, Colorado, approximately nine miles west of Denver. Matthew Tice, senior vice president of Inland Real Estate Acquisitions, LLC, completed the deal, with assistance from Brett Smith, assistant vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department, on behalf of an Inland affiliate.
Recently constructed in 2016, Union West Apartments is located at 35 Van Gordon Street, which is approximately six blocks away from the RTD West Light Rail Line. The mid-rise property consists of 20 studios, 141 one-bedroom, 90 two-bedroom and 16 three-bedroom units. The property also offers a garage with 402 covered parking spaces and 18 open spaces. Units include gourmet kitchens, quartz countertops, stainless steel appliances, walk-in closets, a washer and dryer, an oversized garden bathtub and an oversized patio or balcony.
Union West Apartments is also equipped with energy efficient air conditioning, heating, water heaters and windows. All lighting throughout the property is LED and the garage and corridors are powered by the solar panels on its roof. Community amenities include a resort-style heated pool, fitness and yoga studio, fire pit, grilling stations, a pet friendly park and mountain views.
“Ideally located next to Denver Federal, Union Square and St. Anthony Hospital, which together account for 17,000 employees, Union West Apartments provides the more than 224,000 residents within a five-mile radius with easy access to nearby employers, retail centers and public transportation,” said Tice. “Its Class A finishes, energy-efficient focus and strong demographics made this property a prime example of the type of multifamily acquisitions we continue to seek out.”
As of December 31, 2017, the property was 92.5 percent occupied and 94.75 percent leased.
With this transaction, Inland Real Estate Acquisitions, LLC has now completed the acquisition of 4,600 units in the Denver metro area. To date, Inland Real Estate Acquisitions, LLC has facilitated more than $45 billion of purchases including single-tenant properties, medical office buildings, retail properties and a total of more than $5 billion in apartments.
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About Inland Real Estate Acquisitions, LLC
Inland Real Estate Acquisitions, LLC assists in identifying potential acquisition opportunities, negotiates acquisition-related contracts and acquires real estate assets for the 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.