Orion Real Estate Partners has acquired 1600 Hoyt, a 64-unit, class A luxury apartment community, located in the Lakewood/Wheat Ridge submarket of Denver. A sales price was not disclosed.
1600 Hoyt offers residents modern and spacious one- and two-bedroom units with an above-market parking ratio of 1.25:1. Located in the Lakewood/Wheat Ridge submarket, 1600 Hoyt resides in a highly desirable West Denver infill location surrounded by major employment hubs, entertainment, and close proximity to the RTD Garrison Station.
Orion acquired the property at delivery of certificate of occupancy providing a unique opportunity to purchase a luxury, transit-oriented development at a significant discount to replacement costs while also controlling the lease-up strategy to stabilization.
The property consists of four stories of cold-formed light steel framing with a cement stucco and metal panel façade. Additionally, the property features a contemporary resident lounge and la
