AvalonBay Communities, headquartered in Arlington Virginia, has closed on its first acquisition in Colorado with the purchase of The Lodge Denver West in Lakewood. The firm paid $76.8 million or just over $304,760 for the 252 unit property located at 14125 Denver W Circle. The asset was completed in 2016. Avalonbay’s portfolio consists of 287 apartment communities it owns or has an interest in containing 83,123 apartments in 10 states and the District of Columbia. Twenty three of the REIT’s assets are currently under development, while nine are under redevelopment.
Matt Birenbaum, Chief Investment Officer of AvalonBay said that “Denver shares many of the best characteristics of our established core markets and has become an attractive region for well-educated workers in knowledge-based industries that are driving the 21st Century economy. We look forward to growing our presence in the greater Denver area over time, through a combination of acquisitions and new development activity.”
