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Castle Lanterra Acquires Mountain Vista Community in Lakewood for $38 Million

Jackson Square Properties Flips 257-Unit Multifamily Complex, Nets $20 Million Profit
October 4, 2017
Castle Lanterra Properties, a privately held real estate investment company based in New York, has acquired the 257-unit Mountain Vista apartment complex in Lakewood, CO for $38 million, or about $146,000 per unit.

Built in 1974, the community offers one- to three-bedroom apartments within walking distance of the four million-square-foot Denver Federal Center - the largest concentration of federal offices outside of Washington D.C. - and in close proximity to Saint Anthony Central Hospital and the Denver West Office Park.

The transit-oriented development is also two minutes from the Federal Center Light Rail Station and just southeast of the I-70/U.S. Route 6 junction.

The sale netted a healthy return for Jackson Square Properties, a San Francisco-based firm that paid $18.3 million for the community back in 2014.
Shane Ozment, Terrance Hunt, Jeff Hawks and Doug Andrews of ARA, A Newmark Co. brokered the sale on behalf of Jackson Square Properties.

"Mountain Vista offers a unique rent growth opportunity as it is one of the only 1970s-built properties with amenities in this location, and newer surrounding properties are achieving rents hundreds of dollars higher. The property has undergone renovations in 221 units and the buyer plans to leverage the proven, in-place value-add strategy," said Ozment. "The property generated competitive interest, soliciting 11 offers and demonstrating the continued investor interest in value-add, suburban communities in Lakewood."

For more information on the transaction, please see CoStar COMP #4017937.
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