Avant at Castle Pines trades for $104 million
A fully integrated real estate investment management company specializing in the acquisition, development, repositioning and management of luxury apartment communities across the country added the Avant at Castle Pines to its portfolio.
CWS Apartment Homes LLC, headquartered in Austin, Texas, paid $104 million, according to public records, for the 356-unit Avant at Castle Pines community at 520 Dale Court in the affluent Castle Pines submarket – a submarket with an average household income of more than $220,000 within a 3-mile radius.
The sellers, per public records, were MIP KC Castle Pines LLC and Kinship Capital, which purchased the community in 2017 for $77.25 million.
“We had a lot of interest in the property given its vintage and location,” said JLL’s Jordan Robbins, who handled the sale of Castle Pines’ only apartment community with JLL’s Pam Koster. “The uniqueness of the product was very attractive.” Constructed in 2002, Avant at Castle Pines, renamed Marquis Castle Pines, offers a value-add opportunity for the new owners as while interior and exterior common area renovations were made during the seller’s ownership, around 50% of the units were updated, allowing the new owner to continue the renovation program, added Robbins.
Marquis Castle Pines features a mix of one-, two- and three-bedroom units. Apartments include stainless steel appliances, quartz countertops, full-size washers and dryers, wood-style plank flooring, walk-in closets and a patio or balcony. More than 50% of the apartments at the community also feature direct access garages.
The property also features a resort-style swimming pool and spa, outdoor grill stations, outdoor fireplace, fitness center, spin and yoga studio, bark park, 24-hour controlled access package room and business center.
At the time of sale, Marquis Castle Pines was 94% occupied.
The Castle Pines community is the latest addition to CWS’ Denver metro portfolio, which also includes the Marq at Ridgegate, Ashford Belmar, Whisper Creek, The Links at Plum Creek and Marquis at Town Centre communities.
Recently, CWS sold the Marquis at the Parkway, a 460- unit apartment community in central Denver for $140 million.
Featured in the November 18-December 1, 2020, issue of CREJ