AvalonBay Communities Inc. has acquired The Lodge Denver West, a 252-unit apartment home community completed in 2016, located in Lakewood, CO. The Company acquired the community on September 1, 2017 for a purchase price of approximately $76.8 million.
According to a prepared release, the acquisition marks AvalonBay’s entry into the Denver metropolitan area. “We are excited to announce our entry into the Denver market with the acquisition of The Lodge Denver West,” commented Matt Birenbaum, Chief Investment Officer of AvalonBay.
“Denver shares many of the best characteristics of our established core markets and has become an attractive region for well-educated workers in knowledge-based industries that are driving the 21st Century economy. We look forward to growing our presence in the greater Denver area over time, through a combination of acquisitions and new development activity.”