Westminster, Colo./NEW YORK/BOSTON – Cascade Village apartments, a 444-unit, Class A multifamily property located in Westminster, Colorado, has been purchased by a joint venture of Phoenix Realty Group (PRG), a national real estate owner, operator and fund manager headquartered in New York City, and Boston-based Intercontinental Real Estate Corporation, a national real estate investment, development and management firm. Located at 6880 W. 91st Court in the northwest corridor of the Denver metropolitan area, plans for the property include a value add repositioning effort which will upgrade the amenity rich property. The purchase price was not disclosed.
“Cascade Village is located in one of the top 10 areas in the United States for population growth, according to Forbes Magazine, and benefits from its proximity to a variety of high-tech research, manufacturing and information technology service jobs,” said Keith Rosenthal, president of PRG. "With demand on the rise, due to the area’s steady job growth and resulting influx of renters, we are very excited about this property in particular and its potential to serve residents looking for quality and value."
Centrally located between downtown Boulder and downtown Denver, Cascade Village is in a vibrant community which benefits from proximity to major retail, employment, freeways and a future light rail line. The complex is situated just half a mile away from the 105-acre, Westminster Mall master plan redevelopment, which aims to transform the area with the addition of 1 million square feet of commercial office space, 1.1 million square feet of retail and entertainment venues and high-density multifamily and residential properties. The surrounding area is also home to major employment hubs, including the Interlocken Business Park, which house a variety of high-tech corporations, institutions of higher education, research and development laboratories.
“Our investor objectives center on targeting properties located in key markets with strong upside potential including solid labor markets and expanding business hubs. In this case, Cascade Village is located in a prime area for high-tech companies and it is rich with a growing labor pool,” Jessica Levin, Director, Acquisitions and member of Intercontinental’s Investment Committee. “As a result, this will be a prime property in our portfolio.”
Completed in 1987, Cascade Village consists of 26 three-story residential buildings situated on a 16.9-acre site. Unit layouts consist of 50 percent one-bedrooms and 50 percent two-bedrooms, all featuring full-sized washer/dryers, a balcony or patio and a fireplace. The complex includes a variety of premium amenities, including two swimming pools and saunas, an 80-seat stadium-style movie theatre, a clubhouse, fitness center and business center, in addition to a lakeside picnic and grilling area.
The venture has selected PRG's strategic partner, ConAm Management, as property manager, which currently manages more than 6,200 units throughout the Denver metro area. PRG will soon launch an improvement program for common area amenities, which will include enhancement to the existing amenities as well as additional amenities for residents’ benefit. Other improvements will consist of upgrading the current units with higher-level finishes, new fixtures and stainless steel appliances.
ARA Newmark Executive Managing Directors Shane Ozment and Terrance Hunt and Vice Chairmen Doug Andrews and Jeff Hawks represented the undisclosed seller in the transaction.
This is the third multifamily property owned by PRG in the greater Denver metropolitan area and the second the firm has acquired in less than 12 months, following the acquisition of the 600-unit Aurora Hills Apartments in Aurora, Colorado. PRG continues to actively invest in multifamily properties on the East Coast, West Coast and in Colorado.
Intercontinental Real Estate Corporation is an SEC registered investment adviser with deep expertise in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental has managed, developed, and owned over $10 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $4 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visit www.intercontinental.net for more information.
About Phoenix Realty Group
Phoenix Realty Group (www.phoenixrg.com) is a national real estate owner and operator providing capital and expertise for the development and operation of rental and for-sale residential properties, low-income tax-credit housing, and mixed-use and commercial projects in urban areas across the United States. PRG currently manages $1.5 billion in assets and 11,000 apartment units across the nation. PRG principals have invested in more than 1,000 multifamily properties representing approximately 130,000 apartment units and $12 billion in real estate over 30+ years.