Regions West | Denver
Aug 15, 2008
After four years, the for-sale sign at Orchard Crossing has finally come down. Oakwood Homes sold the 420-unit Class A apartment complex to multifamily property developer and manager Dominium for just over $31 million, as per an article by CREFeed.com. Located at 4775 Argonne St. less than 10 miles southwest of Denver International Airport, the garden-style community was developed in three phases over a two-year period concluding in 2001 and, at the time of the sale, boasted an occupancy level of 95 percent. The deal was a long time coming. A 12-month closing--mostly attributed to the U.S. Department of Housing and Urban Development's seven-month approval process--finally culminated in a transfer of general partnership. Real estate services firm Apartment Realty Advisors orchestrated the transaction on behalf of the seller.
After four years, the for-sale sign at Orchard Crossing has finally come down. Oakwood Homes sold the 420-unit Class A apartment complex to multifamily property developer and manager Dominium for just over $31 million, as per an article by CREFeed.com. Located at 4775 Argonne St. less than 10 miles southwest of Denver International Airport, the garden-style community was developed in three phases over a two-year period concluding in 2001 and, at the time of the sale, boasted an occupancy level of 95 percent. The deal was a long time coming. A 12-month closing--mostly attributed to the U.S. Department of Housing and Urban Development's seven-month approval process--finally culminated in a transfer of general partnership. Real estate services firm Apartment Realty Advisors orchestrated the transaction on behalf of the seller.
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