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Summit MultiCapital Closes on Green Leaf Riverside in Littleton

Unit Mix, Location Attracts Ohio-Based Company
February 12, 2018
Summit MultiCapital LLC out of Akron, OH has closed on its purchase of the Green Leaf Riverside in Littleton, CO.

The 248-unit apartment complex was built in 1986 and under a previous owner underwent capital improvements to community spaces and unit interiors.

The acquisition and financing arm of Summit Management Services, Summit MultiCapital purchased the property from Green Leaf Partners for $50 million, according to CoStar research, which works out to about $201,612 per unit.

The complex, at 4957 S. Prince Court, features studio to two-bedroom apartments in 22 garden-style buildings, and offers residents on-site access to a clubhouse, pool, fitness center and business center. It has been renamed Summit Riverside.

"Investors were attracted to this asset due to its unique mix of units, which included 96 loft units, and its proximity to downtown Littleton and light rail," said Shane Ozment, vice chairman at ARA, A Newmark Company, which represented the seller in the transaction. "There is a real lack of new product being developed in Littleton, which drew buyers to the asset."

Only four market-rate apartment communities have been built in Littleton in the last five years, according to ARA.
ARA vice chairmen Terrance Hunt also represented the seller in the deal.

For more information on this sale, please see CoStar Comp #4116248.
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