CBRE announced the sale of Lofts at Red Mountain, a 181-unit luxury apartment community in Glenwood Springs, Colo.
Dan Woodward, David Potarf, Matt Barnett and Jake Young with CBRE arranged the sale on behalf of Stoneleigh Companies (of Ill.) and Realty Capital (of Texas), the development companies that built the Lofts at Red Mountain. Troy Tegeler of CBRE Capital Markets’ Debt & Structured Finance arranged the financing for the acquisition.
“We had a lot of interest and had a very competitive turnout for Lofts of which Dan, David, Matt and Jake did a fantastic job with great results for us,” stated Stoneleigh’s Chief Investment Officer James B. O’Kane.
“Lofts at Red Mountain is one of the only new Class A rental communities in the western slope of Colorado. The property is surrounded by high-quality retail, restaurants and entertainment amenities that create walkability seldom found in mountain communities. The property is perfect for residents who want to live in one of the most beautiful and dynamic mountain communities in Colorado and prefer the low-maintenance lifestyle of renting,” said Mr. Young.
Located at 300 Wulfsohn Road, Lofts at Red Mountain includes a mix of one-, two-, and three-bedroom units with quartz countertops, customizable Elfa closet systems, full-size in-unit washer/dryers, and mountain views from nearly every window and balcony. Community amenities include a club room with billiards, an outdoor lounge with fire pits, bike storage, a fitness center, a barbecue pavilion, a self-service dog wash, and a Zen Lounge with hanging swings and daybeds.
Lofts at Red Mountain is located across the street from Glenwood Meadows, which includes Target, Lowes, Chili’s, Ulta Beauty, PetCo, Marshalls, Bed Bath & Beyond and Natural Grocers. Located off Interstate 70, the property provides accessibility to Aspen, Vail, Grand Junction and Denver. Residents also have easy access to the West Glenwood Park & Ride with bus service connecting Glenwood Springs to Aspen as well as the Glenwood Caverns Adventure Park.
