Lakewood apartment complex sells for $92 million

September 09, 2016 / Posted in Denver, Developments, Real Estate

Sep 6, 2016

By Molly Armbrister

A southern California investor has acquired a 608-unit apartment complex in Lakewood for $92.25 million.

Waterfront Apartments is located at 10555 W. Jewell Ave. and was built in 1978. The property was purchased by ColRich Multifamily, according to public records.

Lakewood's Waterfront Apartments has been sold to a southern California company.
The purchase breaks down to $151,726 per unit.

More than $3 million in capital improvements at Waterfront have been completed since 2013, according to information provided by CBRE Group Inc.’sMultifamily Investment Properties division, which represented the seller. Those capital improvements included interior renovations on 90 percent of the units.

Similar to the rest of metro Denver, average rents in Lakewood have been on the rise in the last two years, reaching about $1,300 per month in the second quarter of 2016, according to the newest report from the Apartment Association of Metro Denver.