California firm plunks down $30M for DTC apartments

Arabella Apts

The Arabella Apartments in the Denver Tech Center sold for $29.6 million. (Google Maps)

California companies can’t resist Colorado apartment deals.

Arabella Apartments, a 160-unit complex in DTC, traded last week from one Golden State firm to another in a $30 million deal, Denver County records show.

The seller is Sares-Regis Group, an Irvine firm that bought the 5.7-acre property in 2013 for $20 million. Sares-Regis also sold the City Gate apartments in RiNo in 2014. They still own the Regatta apartments in Northglenn and The Bluffs in Highlands Ranch.

The buyer is Brookline Investment Group, which is based just south of Irvine in Aliso Viejo.

A leasing agent reached at the complex said Arabella is 95 percent leased. A 750-square-foot, one-bedroom apartment is priced at $1333 per month. Arabella is running a discount for one month free on some units and August’s rent free with immediate move-ins.

Amenities include a heated pool and hot tub, 24-hour gym, pet-wash station and reserved parking. The property at 4982 S. Ulster St. is managed by AMC management.

Californians large and small seem to have developed a taste for Colorado. Since the start of the year, one California firm scooped up 324 units in a Glendale deal, another picked up 400 units in a single Arapahoe County complex and a third accumulated 170 affordable housing units in Denver.

Then there are the mom and pops. One California couple plunked down millions on a smaller mid-century complex, saying Denver’s real estate market requires less paperwork and doesn’t have the same rent controls as Los Angeles.

Arabella Apts

The Arabella Apartments in the Denver Tech Center sold for $29.6 million. (Google Maps)

Arabella Apartments, a 160-unit complex in the Denver Tech Center, traded last week from one Golden State firm to another in a $30 million deal.

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