Castle Lanterra Properties Acquires Mountain Vista Apartments In Lakewood For $38.3M

The property involved in the transaction is the Mountain Vista Apartments located at 474 S Wright St, Lakewood, CO, 80228. This multifamily asset consists of 257 units, including 201 one-bedroom units, 55 two-bedroom units, and one three-bedroom unit. The apartment community offers various amenities such as resident clubhouse, business center, fitness center, outdoor swimming pools, picnic areas, dog park, and laundry rooms. The units feature private entrances, gas heating, air conditioning, all electric kitchens, dining room ceiling fans, and free Wi-Fi. Approximately 85% of the units have been renovated, with the property aiming to provide quality living spaces at an affordable price point.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $38,300,000.00
• Market: Lakewood
• Seller's Rep: Shane Ozment(CBRE)
• Buyer: Castle Lanterra Properties

Castle Lanterra Properties (CLP) acquired the Mountain Vista Apartments, expanding its Denver portfolio to the Lakewood North submarket. The CEO, Elie Rieder, expressed confidence in the long-term outlook of Denver and highlighted the property's competitive positioning within the submarket. CLP plans to implement a renovation program to enhance the property's offerings. The managing director, Austin Alexander, noted the supply constraints in the submarket, emphasizing the favorable demand dynamics and thriving local economy that attracted CLP to the area.