December 17, 2014-January 6, 2015 —
COLORADO REAL ESTATE JOURNAL
— Page 15
ness studio, cyber café, high-
tech game room and kitchen.
Spacious balconies and patios,
dual-pane windows, full-size
washers and dryers, light-
maple cabinetry and unique
floor plans are included.
• Arbour Square, a 300-unit
property that sold for $65.25 mil-
lion, or $217,500 per sf. Arbour
Square is located at 14770
Orchard Parkway, in the Orchard
Town Center inWestminster. The
apartments were completed in
2012.
In addition to proximity to
retail and restaurants, the prop-
erty offers an 8,000-sf “welcome
center,” a sky lounge with pan-
oramic views, a resort-style pool
and spa, golf simulator, confer-
ence center, indoor car care cen-
ter and theater. Penthouse and
townhome-style units are includ-
ed in the mix of studio to three-
bedroom apartments, which
have gourmet kitchens, track
and pendulum lighting, full-size
washers and dryers, double-
vanity bathrooms, walk-in clos-
ets, and patios or balconies.
Dan Woodward and David
Potarf of CBRE represented
McWhinney in the transaction.
Because two of the properties
are located in Loveland, a ter-
tiary market, the portfolio didn’t
generate quite the flurry of activ-
ity it would have had all the
properties been in the Denver
metro area, Woodward said. At
the same time, investor interest
was good because of the high
quality of the assets. “It came
down to a bit of a bidding war at
the end,” Woodward said.
According to Apartment
Insights, an online resource on
the multifamily market, Inland
also owns the Canyons at Sad-
dle Rock in Aurora. A company
spokesmandidn’t returnaphone
call about the transaction.
s
Lake Vista is part of McWhinney’s Centerra development in Loveland.
‘It came
down to a
bit of a
bidding war
at the end.’
– Dan Woodward, CBRE
