CBRE announced the sale of Rise at 2534, a newly built 236-unit luxury apartment community located at 5070 Exposition Drive in Johnstown, Colo. Dan Woodward, Dave Potarf, Matt Barnett and Jake Young with CBRE Capital Markets in Denver represented the seller, A.G. Spanos Companies of Stockton, Calif. A New York City-based pension fund advisor purchased the property in a sale that closed March 23.
“Rise at 2534″ saw impressive lease-up velocity following its completion last year. Its combination of large units, high-end amenities and a location in a growing submarket surrounded by retail and recreation appealed to residents and investors alike,” said Dan Woodward, executive vice president, CBRE.
Completed in January 2020, Rise at 2534 encompasses four, four-story rental buildings on 8.52 acres. A.G. Spanos developed the property as a luxury offering with large units, averaging 920 square feet, and Class A amenities. Apartments have spa bathrooms with Bluetooth showerheads, Nest thermostats, keyless fob entry, and full-size washers and dryers in each unit. Community amenities include a heated pool, dog park, sports lounge, golf simulator, coffee bar and 24-hour fitness center. Rise is the only elevator-served property in the area.
The property is located near the intersection of Interstate 25 and U.S. Highway 34, five miles east of downtown Loveland and 50 miles north of downtown Denver. It is adjacent the 3,000-acre Centerra master-planned community, home to shopping centers, schools, employers, entertainment venues, parks and open space.
Annual population growth within three miles of Rise at 2534 was nearly 10% over the past five years and is projected to continue at more than 4% annually for the next five, according to CBRE research.
“Northern Colorado continues to experience unprecedented growth. Apartment fundamentals in the area have proven extremely resilient throughout the pandemic, proof that this location will continue to perform at a high level well into the future,” added Mr. Woodward.
