Englewood-based Archstone- Smith has sold its Riverfront Park apartments in the Central Platte Valley.
Des Moines, Iowa-based Principal Real Estate Investors, the nation’s fourth-largest institutional real-estate manager, purchased the 273-unit complex on 3 acres at 1460 Little Raven St. Principal has changed the name of the property from Archstone Riverfront Park to the Station at Riverfront Park, according to a news release on Principal’s website.
Terms were not disclosed.
“We are excited to be expanding our Denver portfolio with this acquisition,” Morgan Deal, senior acquisition manager for Principal Real Estate Investors, said in a statement. “The Station at Riverfront Park represents a rare opportunity to acquire a high-quality apartment community in the heart of the Central Platte Valley.
“Riverfront Park is truly an urban, mixed-use neighborhood with employment, public transportation, nightlife, entertainment, recreation and cultural attractions all within walking distance.”
Denver-based Corum Real Estate Group will manage and lease the property for Principal, the real-estate investment arm of Principal Global Investors, a member of the Principal Financial Group.
Staff writer Margaret Jackson can be reached at 303-820-1473 or mjackson@denverpost.com.
