Inland Real Estate Acquisitions buys Colorado apartments

OAK BROOK - Inland Real Estate Acquisitions, has acquired Solaire Apartments, a newly constructed 252-unit multifamily property located in Brighton, Colorado, approximately 20 miles northeast of the central business district of Denver.

Matthew Tice, senior vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate. Terms of the acquisition were not announced.

Located at 1287 South 8th Avenue, Solaire Apartments consists of 11 buildings containing 114 one-bedroom, 108 two-bedroom and 30 three-bedroom units. Situated on one of the nation's largest geothermal systems, Solaire Apartments provides its residents with renewable energy. Each unit includes nine-foot ceilings, a roman tub, full size washer and dryer, exterior storage and a private balcony or patio. The property also offers residents a variety of community amenities, including a heated swimming pool, hot tub, 24-hour fitness center, outdoor grilling stations, business center and playground.

"Solaire Apartments was an attractive purchase due to its unique energy-efficient capabilities and prime location within the rapidly growing northeast Denver submarket, which has a population that is projected to increase by 20,000 over the next five years," said Tice. "Northeast Denver has experienced an approximate 41 percent growth in employment since 2009, and has several large projects underway with well-known employers like Amazon, Panasonic and Wal-Mart."

As of the acquisition date, the property was 94 percent leased.