IMT is growing in Colorado.
IMT Residential, a nationwide apartment operator, with affiliate IMT Capital LLC, a private real estate firm, boosted its Colorado portfolio with the acquisition of the 507-unit Coyote Ranch community, renamed IMT Cornerstar Ranch, in Aurora.
According to public records, the property at 16363 E. Fremont Ave., near the intersection of Parker and Arapahoe roads, was sold for $125 million by Simpson Housing LP.
“The Denver submarket has proven to be a great location for us and IMT Residential is delighted to broaden our reach with the addition of IMT Cornerstar Ranch in Aurora, Colorado. We look forward to our continual growth in this region while maintaining the high level of customer service we provide to all our residents,” Joseph Elhabr, vice president, IMT Residential, said in a release regarding the transaction.
“There was a lot of interest in the asset,” added Holliday Fenoglio Fowler’s Jordan Robbins, who listed the property with HFF’s Anna Stevens and Jeff Haag of Carmel Partners, formerly of HFF. Both investors new to the Colorado market and those already with holdings here were attracted to the community, constructed in 2002, which offered upside, a great location and amenities, and is within the Cherry Creek School District, he added.
IMT Cornerstone Ranch features a mix of one-, two- and three-bedroom apartments that average more than 1,000 square feet. Apartments include fully equipped gourmet kitchens, garden tubs, in-home washers and dryers and walk-in closets. The community includes a sand volleyball court, a resort style swimming pool with a lounge, a sundeck, theater room, half-court basketball court and a dog park with an agility course.
Additionally, IMT Cornerstar Ranch is located in close proximity to the Cornerstone shopping center and its retail, restaurant and entertainment options, and has direct entry to the Cherry Creek Valley Ecological Park.
At the time of sale, the community was 95 percent occupied.
In addition to the Cornerstone Ranch property, IMT also owns IMT Alameda Station, IMT at Ridgegate, IMT at City Park and IMT Cherry Creek.
