NEW YORK--(BUSINESS WIRE)--DWS announced today that RREEF Property Trust, Inc. (NASDAQ: ZRPTAX; ZRPTIX; ZRPTTX, ZRPTMX, ZRPTUX), a publicly registered, daily NAV1 REIT that it advises through an affiliate, has acquired a 306 unit Class A luxury apartment property in Centennial, Colorado, an affluent suburb southeast of Denver, for approximately $128.5 million.
“We continue to remain constructive on the multifamily sector as we believe that strong residential market fundamentals in the U.S. will continue due to low current vacancy rates, low housing supply and a disciplined construction pipeline.”
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The 93.5% leased property was completed in 2018 and represents the initial project within The District, a planned mixed-use development project located within a desirable southeast suburb of Denver. Luxury amenities of the property include a resort-style pool with gazebos, state-of-the-art fitness center with a yoga studio, outdoor community lounge areas with barbeques, fireplaces and yard games, a pet park, as well as business/conference centers and electric vehicle charging stations.
The property is in close proximity to thousands of jobs in the immediate area encompassing a mix of industry leading companies. Additionally, the property is within walking distance of a light rail station and only a few minutes’ drive to major highways. Upon buildout, The District will be a walkable community anticipated to include 2.5 million square feet of office space, over 30,000...
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