THORNTON, CO – Inland Real Estate Acquisitions announced that it negotiated and closed the buy of Ashford East 88, a 322-unit multifamily property located in Thornton, Colorado, a northeast suburb approximately 10 miles from downtown Denver.

Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, LLC, completed the deal, with help from Brett Smith, assistant vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department, on behalf of an Inland affiliate.

Located at 101 East 88th, the property, which will be renamed Park 88 Apartment Homes, underwent significant interior and exterior renovations in 2014.

The property consists of 14 three-tale buildings with 147 one-bedroom, 82 two-bedroom/one-bath, 86 two-bedroom/one-and-a-half bath and seven studio units, a recently renovated clubhouse, a fitness center, a business center, an indoor/outdoor swimming pool, a dog park, and an outdoor playground and picnic area.

“Ideally positioned directly off of Interstate 25, Park 88 Apartment Homes provides convenient access to the North Suburban Medical Center as well as a variety of employers in the industrial and warehouse sector,” said Cosenza. “The property’s strong demographics and value-add upgrades, combined with our expertise in the market, made this the type of attractive multifamily acquisition we continue to seek.”

As of January 29, 2018, the property was 95 percent occupied.

With this transaction, Inland Real Estate Acquisitions, LLC has now completed the acquisition of 5,183 units in the Denver metro area. To date, Inland Real Estate Acquisitions, LLC has facilitated more than $45 billion of buys including single-tenant properties, medical office buildings, retail properties and a total of more than $5.27 billion in apartments.

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BREA, CA – MORGAN, a leader in upscale multifamily development, construction and property management, has opened and started leasing Pearl La Floresta in Orange County, California. The five-tale midrise, MORGAN’s latest luxury apartment community in its portfolio and the first in Orange County to carry the Pearl brand, is a joint venture between MORGAN and Mesirow Financial.

Centrally located within the 1,100-home master-plotted community of La Floresta in Brea, Pearl La Floresta is adjacent to the newly constructed Village at La Floresta, which contains 87,000 square feet of retail, including a Whole Foods Market, numerous restaurants and lifestyle tenants.

The new Pearl contains 204 apartments featuring custom high-end finishes in one-, two- and three-bedroom units, as well as a few live-work units. Upscale amenities include an oversized fitness center with a separate workout room offering Fitness on Demand, a rooftop sky lounge, a 24-hour cyber café, a resort-style swimming pool, barbecue grills, multiple dog wash stations, and 24/7 package lockers for convenient package pickup.

“We are thrilled to be opening Pearl La Floresta,” said Development Senior Vice President Philip Morgan. “This boutique community offers many amenities and was designed to cater to the wants and needs of our discerning residents. Units have direct pedestrian access to the new Village at La Floresta retail center, and the property offers spectacular views of the San Bernardino Mountains.”

“The tremendous location, impressive amenities, and unparalleled access to nearby shopping and recreation are the perfect combination for residents of La Floresta,” said Alasdair Cripps, Chief Executive Officer and Co-Chief Investment Officer of Mesirow Financial’s Direct Real Estate business. “We’re excited to team up with MORGAN on this latest addition to the Pearl portfolio.”

MORGAN is a privately held national developer and manager of Class A multifamily properties. With headquarters in Houston, TX, MORGAN specializes in upscale urban construction and third-party property management across the United States. Since 1988, MORGAN has developed over 18,000 units at a cost of $2.3 billion.

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