Equity Residential recently acquired a 300-unit multifamily community located at 14770 Orchard Parkway in Denver for $94.5 million. The property, known as Arbour Square Apartments, was previously owned by Blackstone REIT and sold for $80.5 million in 2019.
Situated on a spacious 6.65-acre lot, the complex consists of eight buildings that were built in 2011 and is conveniently located near I-25 and W.144th Avenue. Currently, the property boasts an impressive occupancy rate of 95%.
The purchase price equates to approximately $315,000 per unit and each unit features either a balcony or patio for residents to enjoy outdoor space.
In addition to its prime location and well-maintained units, Arbour Square Apartments also offers attractive exterior amenities such as a pool with hot tub access, rooftop lounge area with scenic views of the surrounding area,a golf simulator,and fitness center.
Conveniently situated across from Orchard Town Center -a popular retail destination spanning over one million square feet – this apartment complex offers residents easy access to shopping,dining,and entertainment options right at their doorstep.
This acquisition adds another residential community to Equity Residential’s portfolio in the Denver metro region where they currently own fourteen properties.The company has previously purchased three other properties from Blackstone,reinforcing their strong relationship with this real estate investment firm.
