ColRich Acquires its 19th Denver-Area Property, Belmar Villas in Lakewood for $74.3M

Belmar Villas
The garden-style property located at 700 S. Reed Court was built in 1971.

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
The Belmar Villas community includes 17 buildings and a leasing office situated on 18 acres. Amenities feature fitness and business centers, an outdoor grill and picnic area, a resort-style swimming pool plus hot tub, a clubhouse, as well as tennis, volleyball and basketball courts.
Belmar Villas
Apartments range from 580 to 1,115 square feet and feature 1-3 bedrooms with 1-2 bathrooms. Each unit has walk-in closets, private patios, and balconies. The community has been renovated recently and is pet-friendly.

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.