NEWTON, Mass.–(BUSINESS WIRE)–The RMR Group (Nasdaq: RMR) today announced that it has acquired The Ridge at Lowry, a 240-unit garden-style apartment community located at 10000 E. Alameda Avenue in Denver, Colorado, for a purchase price of $70.0 million. The property will be rebranded as ARIUM at Lowry under RMR’s consumer-focused brand, ARIUM, and will undergo extensive interior and exterior renovations.
RMR has a nationwide residential investment and operating platform with approximately $5.3 billion of assets under management. With this acquisition, RMR expands its Denver residential presence to nearly 800 units in a market that continues to feature favorable demographics and strong rent growth.
Rob Lester, a Senior Vice President of RMR who heads RMR’s multifamily acquisition team, made the following statement:
“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.”
The acquisition was funded with proceeds from a $46.5 million mortgage loan with a 5.34% fixed interest rate and an interest-only five-year term and cash on hand.
About The RMR Group
The RMR Group is a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. RMR’s vertical integration is supported by nearly 1,100 real estate professionals in more than 35 offices nationwide who manage over $41 billion in assets under management and leverage more than 35 years of institutional experience in buying, selling, financing and operating CRE. RMR benefits from a scalable platform, a deep and experienced management team and a diversity of direct real estate strategies across its clients. RMR is headquartered in Newton, MA and was founded in 1986. For more information, please visit rmrgroup.com
