OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Acquisitions, LLC announced today that it negotiated and closed the purchase of Ashford East 88, a 322-unit multifamily property located in Thornton, Colorado, a northeast suburb approximately 10 miles from downtown Denver. Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, LLC, completed the deal, with assistance from Brett Smith, assistant vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department, on behalf of an Inland affiliate.
Located at 101 East 88th, the property, which will be renamed Park 88 Apartment Homes, underwent significant interior and exterior renovations in 2014. The property consists of 14 three-story buildings with 147 one-bedroom, 82 two-bedroom/one-bath, 86 two-bedroom/one-and-a-half bath and seven studio units, a recently renovated clubhouse, a fitness center, a business center, an indoor/outdoor swimming pool, a dog park, and an outdoor playground and picnic area.
“Ideally positioned directly off of Interstate 25, Park 88 Apartment Homes provides convenient access to the North Suburban Medical Center as well as a variety of employers in the industrial and warehouse sector,” said Cosenza. “The property’s strong demographics and value-add upgrades, combined with our expertise in the market, made this the type of attractive multifamily acquisition we continue to seek.”
As of January 29, 2018, the property was 95 percent occupied.
With this transaction, Inland Real Estate Acquisitions, LLC has now completed the acquisition of 5,183 units in the Denver metro area. To date, Inland Real Estate Acquisitions, LLC has facilitated more than $45 billion of purchases including single-tenant properties, medical office buildings, retail properties and a total of more than $5.27 billion in apartments.
About Inland Real Estate Acquisitions, LLC
Inland Real Estate Acquisitions, LLC assists in identifying potential acquisition opportunities, negotiates acquisition-related contracts and acquires real estate assets for the various entities that are a part of The Inland Real Estate Group of Companies, Inc., a group of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored or managed by Inland Real Estate Investment Corporation or its subsidiaries (collectively, “Inland”). For additional information, please refer to Inland’s website at www.inlandgroup.com.