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- RMR Group Acquires 240-Unit Apartment Community in Denver for $70M
RMR Group Acquires 240-Unit Apartment Community in Denver for $70M
Slice of Real Estate Team
August 07, 2024
Key Highlights:
Acquisition of The Ridge at Lowry for $70 million.
Rebranding to ARIUM at Lowry with extensive renovations.
Expansion of Denver presence to nearly 800 units.
$5.3 billion in assets under management nationwide.
Source (Business Wire)
Notable Quote:
“We have strong conviction in the long-term trends favoring the U.S. housing sector. We believe that our micro-market data analysis and high performing operating platform enable us to identify unique value add opportunities. Located in Denver’s Lowry neighborhood and situated between the highly coveted downtown Denver and Cherry Creek/Centennial sub-markets, we believe ARIUM at Lowry will offer superior access to public amenities and an improved, tenant-centric living environment. With limited new supply within the surrounding two-mile radius, RMR plans to deliver attainable living options in Lowry and contribute to the community’s growth and prosperity.”
Our Take:
The RMR Group's strategic acquisition of The Ridge at Lowry, now rebranded as ARIUM at Lowry, underscores their commitment to expanding their residential footprint in high-demand markets like Denver. This move not only bolsters RMR's presence in the Denver market but also aligns with the company's long-term strategy to capitalize on favorable housing trends and strong rent growth. The planned renovations and rebranding to ARIUM signal a focus on enhancing the tenant experience and meeting the community's needs. With a substantial mortgage loan backing the acquisition and cash reserves, RMR is well-positioned to execute its value-add strategy and contribute to the growth and prosperity of the Lowry neighborhood.