CBRE Brokers Sale of Belmar Villas Apartments in West Metro Denver

CBRE announced the sale of Belmar Villas, a 318-unit apartment community at 700 S. Reed Ct. in Lakewood, Colorado, to ColRich Multifamily, a private multifamily investment and development firm based in San Diego, with properties located throughout the western United States.

Terrance Hunt, Shane Ozment, Andy Hellman, Justin Hunt, Chris Hart, and Brad Schlafer with CBRE’s multifamily investment properties team in Denver represented the seller. Troy Tegeler, Trevor Breaux and Ryan Greer with CBRE Debt & Structured Finance in Greater Los Angeles arranged the acquisition financing.

Built in 1970, Belmar Villas is a garden-style apartment community encompassing 17 rental buildings and a leasing office on 18 acres. Floorplans include one-bedroom, two-bedroom and three-bedroom layouts with an average unit size of 856 sq. ft. Community amenities include a fitness center, resort-style pool and hot tub, clubhouse, playground and basketball court.

The property is located just south of Alameda Avenue in west metro Denver, a five-minute walk from the Belmar Shopping District, home to 1.6 million sq. ft. of retail, dining and entertainment and 400,000 sq. ft. of office space. Additionally, the property is near large employers, including St. Anthony’s Hospital and the Denver Federal Center.

“We received tremendous interest on this opportunity given the asset’s value-add potential and coveted westside location, despite volatility in the capital markets. The buyer saw this as a great opportunity to create additional scale in this micro-location as they own the property next door,” said Chris Hart, senior transaction manager, CBRE.

Denver’s multifamily market fundamentals continued to display resilience in the fourth quarter of 2023, according to CBRE research. The metro area saw 3,666 more apartments occupied than vacated in the last three months of the year, marking the highest fourth quarter net absorption ever recorded in metro Denver. Forty-two apartment properties traded hands in the quarter, totaling $978.6 million in sales volume, up 26.7% year-over-year.

The sale is the latest in a series arranged by CBRE’s Denver-based multifamily investment properties team, including the $132.5 million sale of Prospector and Ladora in January 2024, as well as the $125.5 million sale of Platform at Union Station in downtown Denver and the sale of the 217-unit Fielders Creek in Englewood, at the tail end of 2023.