As the last days of November winded down, Ashford Belmar, a 512-unit apartment community in Lakewood, was sold for $143.5 million. The apartment community, located at 7301 W. Ohio Ave., was sold to …
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As the last days of November winded down, Ashford Belmar, a 512-unit apartment community in Lakewood, was sold for $143.5 million.
The apartment community, located at 7301 W. Ohio Ave., was sold to CWS Capital Partners, a real estate investment management firm, from the RADCO Companies, an Atlanta-based real estate investment firm. Vice Chairmen Shane Ozment and Terrance Hunt of Newmark Knight Frank Multifamily, a real estate advisory firm, represented the seller in the transaction.
Ashford Belmar was built in 1988 and 1993, and it is near the Denver Federal Center, Jefferson County government offices and Saint Anthony Hospital. The apartment community includes an indoor Olympic pool and hot tub, an outdoor pool, a fitness center, a pet-grooming station, a club house, a theater and more.
“What we have here is a good size property. I think Belmar is coming into its own, and Lakewood is a good livable city,” said Hunt.
According to the Colorado Real Estate Journal, the sale of Ashford Belmar represented the highest-priced multifamily transaction to close to date in 2018 in the Denver market. Sean Kavanagh, the vice president of acquisitions for the RADCO companies, said it will continue to monitor Denver and surrounding areas for future investment opportunities.
“We saw the perfect opportunity to sell Ashford Belmar to a trusted buyer that can continue to serve the needs of residents and the surrounding community,” Kavanagh said.
CWS Capital Partners was unable to be reached for this story. Mat Greer, the executive managing director for Newmark Knight Frank, declined to comment on the sale, citing “big company rules.”
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