LOS ANGELES – May 3, 2017 – A fund advised by CBRE Global Investors has acquired Alexan CityCenter, a 438-unit Class A garden-style apartment community with 13,000 square feet of ground floor retail in the Denver area, and renamed the property ArtWalk CityCenter.
Located at 801 Englewood Pkwy. in Englewood, Colorado, a commuter-friendly submarket of Denver, the property is connected to the Englewood Light Rail station, which provides direct access to Downtown Denver, the Mile High Stadium, Union Station and the airport. ArtWalk also benefits from walkability to retail, restaurants, cultural and entertainment amenities at the 300,000 square foot City Center Englewood Retail development. These features are unique competitive advantages for ArtWalk and will continue to differentiate the property. ArtWalk CityCenter is equidistant to Denver’s CBD and Tech Center, two of the largest employment nodes in the MSA.
ArtWalk features spacious floor plans and an expansive amenity package. The team will implement its proprietary Inspired Lifestyle service and amenity program and initiate a comprehensive interior upgrade program to modernize the unit interiors and common areas to create value.
“Our Inspired Lifestyle program is a comprehensive program that takes a hospitality approach to serving our residents – from the amenities we offer to how we train our staff – and will complement the physical improvements we are planning at ArtWalk,” said Maura Bilafer, Managing Director, CBRE Global Investors Americas.
Denver is a target market for CBRE Global Investors.
“Denver’s skilled labor force, lower cost relative to coastal tech markets, and high quality of life continue to draw new companies and residents,” said Steve Gullo, Managing Director, CBRE Global Investors Americas. “Fueled by growth in knowledge-based industries, particularly technology, and the continued influx of younger residents to the area, Denver is adding jobs at nearly twice the pace of the nation. This robust, increasingly diversified economy with solid job growth has led to a surge in housing demand that has kept the Denver apartment sector strong.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.5 billion in assets under management* as of March 31, 2017. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in more than 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.