May 25, 2016
American Realty Advisors acquired the Elan Union Station, a just-completed, multifamily property in downtown Denver. The building at 1975 19th St. will be rebranded ALARA Union Station.
The property contains 314 units, along with 58,000 square feet of ground-floor retail space, and a two-story, subterranean parking garage. The ground floor retail is anchored by a 48,000 square foot King Soopers, which is a subsidiary of Kroger and the dominant market-share grocer in the Denver metro. The remainder of the retail is leased to Wells Fargo, Kriser’s – an upscale pet food store – and The Pig and Sprout.
The seller, a joint venture that included Greystar, was represented by Jordan Robbins and Jeff Haag of Holliday, Fenoglio, and Fowler (HFF). Greystar and partner Goldman Sachs acquired the land on which the apartment property was built in late 2013 for $21 million.
ARA’s Chairman and CEO Stanley Iezman will be speaking at Connect Los Angeles on June 9th. See the conference details and register here.