ColRich Multifamily has acquired Belmar Villas, a 318-unit multifamily community in the Denver suburb of Lakewood, Colorado. ColRich paid $74.3 million for the project.
Independence Realty Trust was the seller. ColRich is subject to a 10-year Fannie Mae loan of $52 million. The asset previously traded in 2017 for $63.3 million. It’s ColRich’s 19th Denver-area property.
CBRE brokered the deal, with the Denver team representing the seller and a different CBRE team, Los Angeles-based, arranged acquisition financing.
Belmar Villas is roughly a mile from both West Alameda Avenue and Belmar Shopping District, the latter encompassing 1.6 million square feet of retail and 400,000 square feet of office.
ColRich is a second-generation family owned residential real estate company based in the heart of Little Italy in Downtown San Diego. For over 40 years, ColRich has been an industry landmark recognized for integrating design and value into creative residential solutions. Our pioneering family-run company has grown to incorporate single-family homes, townhomes and mid-rise condominium construction into our development repertoire and has become one of the leading multifamily owners, with 17,000 units in the western United States.
