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

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

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…

Source: http://feeds.bizjournals.com/industry_21

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