BRIGHTON, CO – Inland Real Estate Acquisitions announced that it facilitated the acquisition of Solaire Apartments, a newly constructed 252-unit multifamily property located in Brighton, Colorado, approximately 20 miles northeast of the central business district of Denver. Matthew Tice, senior vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate.

Located at 1287 South 8th Avenue, Solaire Apartments consists of 11 buildings containing 114 one-bedroom, 108 two-bedroom and 30 three-bedroom units. Situated on one of the nation’s largest geothermal systems, Solaire Apartments provides its residents with renewable energy. Each unit includes nine-foot ceilings, a roman tub, full size washer and dryer, exterior storage and a private balcony or patio. The property also offers residents a variety of community amenities, including a heated swimming pool, hot tub, 24-hour fitness center, outdoor grilling stations, business center and playground.

“Solaire Apartments was an attractive buy due to its unique energy-efficient capabilities and prime location within the rapidly growing northeast Denver submarket, which has a population that is projected to increase by 20,000 over the next five years,” said Tice. “Northeast Denver has experienced an approximate 41 percent growth in employment since 2009, and has several large projects underway with well-known employers like Amazon, Panasonic and Wal-Mart.”

As of the acquisition date, the property was 94 percent leased.

This property marks more than $550 million of buys that Inland Acquisitions has facilitated within the Denver market. To date, the Company has facilitated $44 billion of buys including retail centers, single-tenant properties and a total of $4 billion in apartments.

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SAN JOSE, CA – Marcus Millichap announced its Institutional Property Advisors (IPA) division closed the $95.5 million sale of The Grove, a 331-unit apartment complex built in 1970 in San Jose, California.

“The investment appeal of this centrally located west San Jose apartment complex is driven by the area’s tremendous employment fundamentals, the extensive value-add upside to be gained through continued unit interior and common area amenity upgrades, the current loss-to-lease, and the pedestrian- and transit-oriented nature of the location,” said Stan Jones, IPA executive director.

Jones, along with IPA executive directors Salvatore Saglimbeni and Philip Saglimbeni, represented the seller, Kennedy Wilson Multifamily. The buyer is TH Real Estate, an operating division of TIAA Global Asset Management.

“This asset aligns with one of our main multifamily investment strategies of acquiring quality communities with value-add potential in stable markets with positive long-term fundamentals,” said Terry Senger of TH Real Estate. “We’ve successfully invested in such properties throughout all points in the investment cycle, and believe that current economic and demographic trends will continue to provide opportunities for multifamily investing that can result in strong performance for our institutional investors.”

The property is situated within an expansive, 11.7-acre, park-like setting at 1919 Fruitdale Avenue. Amenities at The Grove include two resort-style swimming pools with furnished sundecks, a hydrotherapy spa, fitness center, clubhouse, business center, resident lounge, outdoor barbecue area, gated access and covered parking. The apartment homes feature fully equipped kitchens with complete appliance packages, separate dining areas, private balconies/patios, spacious closets and double-paned windows. The unit mix consists of studio, one-, two- and three-bedroom floor plans.

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