Ashford Belmar sells for $143.5 million

Ashford Belmar, a 512-unit apartment community at 7301 W. Ohio Ave., part of the Belmar district in the city, sold for $143.5 million, according to public records.

A value-add apartment community in Lakewood sold in the highest-priced multifamily transaction to close to date in 2018 in the Denver market.

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Ashford Belmar, a 512-unit apartment community at 7301 W. Ohio Ave., part of the Belmar district in the city, sold for $143.5 million, according to public records.

The sale of the community, constructed in 1988 and 1993, topped the previous sales of SkyHouse for $136.5 million, Radius Uptown for $134.97 million and Westend for $128.7 million, all downtown Denver properties, according to market statistics from real estate research and consulting firm Apartment Insights.

CWS Capital Partners, a fully integrated real estate investment management company, purchased the property from Atlanta-based The Radco Cos., a real estate investment firm. Shane Ozment and Terrance Hunt of Newmark Knight Frank Multifamily represented the seller in the transaction.

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“Ashford Belmar is unique with large units that average more than 1,200 square feet and include attached garages. The property’s one-, two- and three-bedroom units are spread across 26.3 acres, which creates a parklike setting with low unit density (19.5 units per acre). Three-bedroom units, which make up more than 15 percent of the property, are rare in the Lakewood submarket,” said Hunt.

“There was a ton of interest in the community,” added Hunt, noting its location in Belmar, an area surrounded by large employment hubs, including the Denver Federal Center, St. Anthony Hospital, the National Renewable Energy Laboratory and Jefferson County government offices, as well as part of the 104-acre pedestrian-friendly retail center and master-planned community, drew buyers.

Additionally, while the property has undergone nearly $10 million in capital improvements, including new roofing, exterior paint, clubhouse renovations and the majority of units have seen some type of improvements, the property presents a value-add opportunity due to the varying levels of renovations.

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At the time of sale, Ashford Belmar was more than 95 percent occupied. Ashford Belmar is adjacent to a large lake with fountains and features an amenity suite anchored by a 27,000-squarefoot business center, an indoor Olympic pool and hot tub, an outdoor pool, a fire pit and lounge area, an expansive fitness center and a pet grooming station.

Apartments include black or stainless steel appliances, in-unit washers and dryers, fireplaces and high ceilings. Some units include granite countertops, wood-style flooring, brushed nickel hardware, upgraded lighting and white subway tile backsplashes.

The sale of Ashford Belmar also is the second-largest community to sell in the metro market this year, only behind the sale of the 561-unit Esprit Cherry Creek in Glendale.

Ashford Belmar last sold for $95.33 million in 2014.

CWS also was involved in the disposition of the Marq at RiNo, now Waterford RiNo, community.

It sold the 301-unit community at 2797 Wewatta Way in November for a reported price of $90.62 million.

Braddock & Logan Homes purchased the community, which was built in 2012.

Newmark Knight Frank Multifamily also handled the sale.

Featured in CREJ’s December 19, 2018-January 1, 2019, issue

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and retail news in the Denver metro area plus all property types in Colorado Springs and Southern Colorado. She also covers the finance market as well as solicits bylines articles and is editor of the Health Care Properties Quarterly. Before joining…