An Arlington, Virginia-based real estate investment trust added its second metro area apartment community to its portfolio with the purchase of The Meadows.
AvalonBay Communities Inc. paid $73.05 million, or $304,375 per unit, for the 240-unit The Meadows community at 4300 Swanson Way in Castle Rock.
“There is a lot of excitement surrounding Castle Rock. A historically low unemployment rate, large population growth, new job-creating development pipeline, and strong educational and retail sectors help to make the area an appealing ‘path of growth’ investment. In addition to location, The Meadows’ new construction, large units and luxury amenities made it an attractive offering,” said Matthew Barnett of CBRE.
Barnett and CBRE’s Dan Woodward, David Potarf, Eric Roth and Martin Roth represented the seller.
Completed this year, The Meadows currently is in lease-up but was fairly well stabilized at the time of sale.
Situated on 14 acres in the foothills of Castle Rock, the property features nine buildings with large one-, two- and three-bedroom units that range from 763 to 1,428 square feet. Apartments include washers and dryers, 9-foot ceilings, oversized soaking tubs, wood-style blinds, wood-style plank flooring, attached garages, private patios and pendant lighting. Some units also include quartz countertops and 10-foot recessed ceilings.
Community amenities include a resort-style pool and spa, off-leash pet park, fitness center, yoga and spin studio, gaming/recreation room, coffee bar and access to neighborhood walking trails.
“It appeals to true suburban lifestyle renters,” added Barnett.
Located off of Interstate 25 near the intersection of Meadows Parkway and Santa Fe Drive, The Meadows is adjacent to Castle Rock Adventist Hospital and just west of the Outlets at Castle Rock. It is 25 minutes south of the Denver Tech Center and 30 minutes north of Colorado Springs.
AvalonBay entered the Denver market last year with its $76.75 million purchase of the Lodge at Denver West community in Lakewood. It also owns the Ironwood at Red Rocks community in Littleton.