October 26, 2017 -- The Laramar Group, a private real estate investment and property management company, announces the acquisition of the Overlook at Mile High in Denver, Colorado by the Lubert-Adler/Laramar Urban Neighborhood Fund, L.P. (“UNF”).
Overlook at Mile High Apartments and Townhomes is located in the West Colfax neighborhood of Denver less than 1-mile west of the metro's largest employment center, downtown Denver, with over 130,000 jobs and more than 37 million sq. ft. of office. The property is comprised of one, two and three bedroom floorplans totaling 476 units, many include spectacular views of downtown Denver or Rocky Mountains.
“The West Colfax neighborhood has seen dramatic improvement over the past 5 years and we expect this area will continue to improve with the opening of CDOT's headquarters early next year and the $30 million in grants this area has received. The property is minutes to downtown Denver and a 5-minute walk to the Knox light rail station. The 120 one- and two-story townhomes have large basements which are unique to this submarket. The 356 mid-rise apartments each have large balconies and walk-in closets, many with views of downtown Denver or the Rocky Mountains.” said Josh Mullins, Vice President of Acquisitions for Laramar. “The asset will be transformed over the next couple years to include a new clubhouse and amenity package, common area renovations, and unit interior upgrades.”
“The whole West Colfax corridor is changing faster than I expected,” Pat Stucker, managing Director for JLL Capital Markets said. “Denver is firing on all cylinders and that change is accelerating faster along the West Colfax corridor than just about any place in Denver. Three to five years from now, I think people will be amazed by everything that will have happened in the area around the Overlook at Mile High.”
About Laramar: The Laramar Group, founded in 1989, with corporate offices in Chicago, Denver, and Los Angeles, is a national real estate investment and management company with more than 450 employees across the U.S. With an established strategy of pursing value-add investments in multi-family real estate on a national basis, The Laramar Group and its predecessor company have invested roughly $5 billion throughout the United States and currently owns and/or manages in excess of 30,000 units and over 2M square feet of retail assets. For each of its owned investments, The Laramar Group oversees the full renovation scope – from concept to construction – and property management. For more information, please visit www.laramargroup.com.
About Lubert-Adler: Lubert-Adler is a real estate investment management firm co-founded in March 1997 by Ira M. Lubert and Dean S. Adler. Messrs. Lubert and Adler collectively have over 65 years of experience in underwriting, acquiring, repositioning, refinancing and exiting real estate assets.
Lubert-Adler's investment team consists of more than 20 experienced professionals with strong backgrounds in real estate acquisition, redevelopment, asset management, distressed restructurings, structured finance, and capital markets.
Lubert-Adler provides investment management services exclusively to its funds including certain permitted investment vehicles, each of which are organized as privately offered pooled investment vehicles.