CBRE announced today that it has completed the $73.05 million sale of the luxury apartment community The Meadows, located at 4300 Swanson Way in Castle Rock, Colorado. CBRE’s Dan Woodward, David Potarf, Matthew Barnett, Eric Roth and Martin Roth represented the seller, Garrett Companies of Indianapolis, Ind., and Arlington, Va.-based AvalonBay purchased the property in a sale that closed Nov. 8, 2018.
“There is a lot of excitement surrounding Castle Rock. A historically low unemployment rate, large population growth, new job creating development pipeline, and strong educational and retail sectors help to make the area an appealing ‘path of growth’ investment. In addition to location, The Meadows’ new construction, large units and luxury amenities made it an attractive offering,” said Matthew Barnett, Senior Vice President, CBRE.
Built in 2018, The Meadows is a 240-unit garden-style community situated on 14 acres in the foothills of Castle Rock. The property features nine buildings with large one, two and three-bedroom units and attached garages, designed to appeal to suburban renters and families. Community amenities at the Class A property include a resort-style pool and spa, off-leash pet park, fitness center, yoga and spin studio, gaming/recreation room, coffee bar and access to neighborhood walking trails.
The Meadows is located off I-25 near the intersection of Meadows Parkway and Sante Fe Drive, adjacent to Castle Rock Adventist Hospital and just west of the Outlets at Castle Rock. Next door to the Outlets, The Promenade at Castle Rock is a $177 million retail development spanning over 200 acres. Upon completion it will consist of four districts of large-format retail, service and restaurant space. The site is located about 20 minutes south of Highlands Ranch, 25 minutes south of the Denver Tech Center and 30 minutes north of Colorado Springs.
