Water Tower Flats (Under Agreement)

Moran & Company is pleased to announce the exclusive listing of Water Tower Flats, a 324 unit luxury apartment community located in Arvada, Colorado within the Western Corridor of Metro Denver. The property is offered priced at $46,100,000 with fully assumable debt in-place.

Investment Highlights

• Unsurpassed West Metro Denver Location - Water Tower Flats is situated within the western portion of metro Denver. The Denver Federal Center, Lockheed Martin, Coors Brewing Company, and Exempla HealthCare are just a sample of the companies that call this western corridor home. The corridor, which runs along both Interstate 70 as well as 6th Avenue, has the distinction of having the second highest concentration of federal employees outside of Washington DC. Coupled with its pro-business climate and quality of life amenities, this western corridor continues to attract and retain primary employers as well as a skilled workforce.
  
  
• Strong Transit-Oriented Development (TOD) Element - Water Tower Flats will benefit from the Gold Line portion of FasTracks. As part of the voter-approved $6.9 billion FasTracks program, the 11.2-mile Gold Line, scheduled to open in 2016, will run from Denver Union Station to Wheat Ridge, passing through northwest Denver and Arvada along the way. The line will have seven stations, located at 41st Avenue, Pecos, Federal, Sheridan, Olde Town, Arvada Ridge and Ward Road. Of importance to residents of Water Tower Flats, the Olde Town Station will be located less than a quarter mile from the community.
  
  
• Proven Long Term Apartment Market Fundamentals - Apartment buildings under construction are expected to deliver a lower-than-average 3,150 units during 2010. Most analysts agree that the pipeline of deliveries will remain constrained as Denver is a challenging market for new apartment development dues to barriers to entry, particularly in the Western Corridor, with its high land costs, increasing municipal tap and impact fees, onerous entitlement process, and rent levels well in excess of current market rents required to justify new construction.
  
  
• One of the Newest, Premier Properties in West Metro Denver - Built in 2006 by Carmel Partners, Water Tower Flats is among the newest properties in this Western Corridor. Luxury finishes include: stainless steel appliances and washer/dryers in all units, 9 feet+ ceilings, and garages.