East Coast REIT enters Denver apartment market with $77M purchase

DENVER BUSINESS JOURNAL - A Virginia-based real estate investment trust has entered the Denver market with its $76.8 million purchase of a Lakewood apartment complex.

AvalonBay Communities Inc. (NYSE: AVB) of Arlington, Virginia said it's purchased the 252-unit The Lodge Denver West at 14125 Denver West Circle for $76.8 million, which is its first purchase in the Denver area.

“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," said Matt Birenbaum, chief investment officer of AvalonBay, in a statement.

AvalonBay said it owns or holds a direct or indirect ownership interest in 287 apartment communities with 83,123 units in 10 states and the District of Columbia.

Read more at the Denver Business Journal: http://bit.ly/2eI8gWW

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