DENVER, CO – IRET announced that it bought Westend, a multifamily apartment community in Denver, CO, for $128.7 million. This 390-home multifamily community is located in downtown Denver.

“This acquisition demonstrates our commitment to our strategy of adding multifamily properties, making operational efficiencies, and deepening our presence in the Denver market,” stated Mark O. Decker, Jr., President and CEO.  “As we grow our metro Denver portfolio, we continue seeking quality, well-located multifamily communities in high-demand submarkets.  Westend sits on 11.6 acres in downtown Denver, is immediately adjacent to Denver’s downtown park system, and provides residents walkability to a variety of retail and employment locations.  Given Westend’s asset characteristics and uniqueness in the marketplace, we are excited to add this community to our portfolio.”   

Built in 2015, Westend is a gated community located directly on downtown Denver’s park system along the Platte River, providing residents direct access to Denver’s 53 acres of parks and 850-mile trail system.  Westend is walkable to a variety of retailers, employers and city amenities.  Westend is the only apartment community in downtown Denverfeaturing attached garages, and it is located between the high-demand neighborhoods of Lower Downtown (LoDo), Lower Highlands (LoHi) and River North Art District (RiNo). 

Other Westend amenities include: Resort-style pool and spa deck; Roof deck with seating area, outdoor kitchen, spinning bikes, pool table, fireplace, and sun deck; Large fitness center; Dog park; Clubroom with pool table, TVs, and unobstructed views of downtown Denver and the mountains; Free-standing kitchen islands with pendant lighting; Stainless steel appliances, quartz countertops, and modern lighting and hardware; Full-size washer-dryers (in unit); and Large private balconies.

The property is currently over 93.5% occupied and has approximately 343,138 rentable square feet within 15 apartment buildings. 

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CHARLOTTE, NC – FCP announces the acquisition of the Reserve at Providence, a 574-unit, garden and townhome-style apartment community in Charlotte, NC. The Reserve at Providence represents FCP’s 5th investment in the Charlotte area. 

“We are excited about this acquisition because of its brilliant location in South Charlotte, where strong population and job growth are contributing to a wave of new construction and a corresponding decline in the workforce housing stock,” said FCP Sr. Associate, Alex Cathcart. “The community will benefit from our programmatic management and site improvements, increasing the appeal to its current and future residents.” The Reserve at Providence features one, two, three and four-bedroom apartments and townhomes, making it well-suited to families.

The Reserve at Providence is well-located on Providence Road near some of Charlotte’s most affluent neighborhoods, minutes from major employment centers such as Uptown and Ballantyne, and near major retail attractions such as SouthPark Mall. FCP plans to build a new clubhouse and leasing center at the front of the community and invest in capital improvements to the existing site, buildings, and amenity areas. Amenities at the community include a clubhouse (plotted for redevelopment into a state-of-the-art fitness and amenity center after a new clubhouse is built), a playground, a dog park, three pools, a picnic area with grills and a multi-sport court. 

FCP extends its appreciation to Michael Ryan and his team at Cushman & Wakefield Southeast Equity, Debt & Structured Finance, who provided debt advisory services to FCP and to Marc Robinson and Cushman & Wakefield’s Southeast Multifamily Advisory Group who represented the seller in the transaction.

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MORRIS PLAINS, NJ – Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corporation, announced that leasing has commenced for Signature Place, its newest luxury rental community featuring 197 one- and two-bedroom apartments in Morris Plains, New Jersey.

The opening of the property, previously a vacant Mack-Cali office asset, marks the completion of Roseland’s first office-to-residential strategic repositioning initiative. 

“While the opening of Signature Place is a significant milestone in that it brings nearly 200 luxury homes to Morris Plains, it also marks the completion of a cornerstone initiative that was laid out when the new executive team started with Mack-Cali in 2015,” said Andrew Marshall, President and Executive Vice President of Development at Roseland Residential Trust. “What was formerly an underperforming office asset has become the newest apartment community in an incredibly attractive market for high-end residential development, and its success will serve as a model for future property conversions.”  

Located in a park-like setting at 250 Johnson Road, Signature Place’s homes feature contemporary kitchens with mosaic glass and stone backsplashes, Caesarstone countertops, pendant lighting, stainless-steel Energy Star appliances, and in-unit washers and dryers. Additionally, all apartments boast high-end finishes, such as wood plank-style flooring, ceramic-tiled bathrooms with soaking tubs and Moen fixtures, and USB ports in the kitchens and bedrooms. Select apartments offer private balconies and terraces. 

“Signature Place truly offers residents the best of both worlds,” Marshall said. “The property itself is tucked away in a scenic enclave, but sits in simple reach of major thoroughfares, business headquarters, and the vibrant surrounding community. Furthermore, we’ve outfitted the building with an unmatched level of luxury features and amenities that appeal to all of today’s renters, from young professionals to empty-nesters looking to downsize.”

Signature Place provides residents with a roster of resort-style amenities that is unparalleled in today’s residential market. The most noteworthy of these include a designer club room with a communal fireplace, lounges, billiards, and shuffleboard; two upscale conference rooms; an outdoor swimming pool with a hot tub; a golf simulator; fitness on demand; tennis courts; a state-of-the-art movie theater; an alfresco social venue with a fireplace and fire pit, TV, gas grills, dedicated dining areas; a walking trail, as well as a pet spa and outdoor dog run. Beyond its luxury amenities, the property offers conveniences like video door security and apartment alarms, package lockers, storage facilities and garages.

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