One of Littleton’s newest apartment communities has been sold by Trammell Crow Residential to CBRE Global Investors for an undisclosed price.
Alexan Downtown Littleton, 5151 S. Rio Grande St., opened in 2009 with 350 units. At the time of the sale last month, it was more than 97 percent occupied.
ARA partnered with Trammell Crow on the project initially and brokered the sale. ARA’s Steve O’Dell said the site, which formerly housed iron foundry Electron, was perfect for a multifamily development.
“Alexan Downtown Littleton’s strategic, convenient location, unique urban style, desirable garden-style construction and fabulous views of the Rocky Mountains combined to make the property a favorite among high-end apartment renters,” ARA’s Jeff Hawks agreed.
He added that it’s been difficult to build apartments in Littleton for more than a decade, partly because the city has been slow to approve multifamily projects, and partly because the few sites that are available to build on are generally zoned for commercial or single-family residences.
“There are not enough new apartments to allow our sons and daughters to live in or around Littleton, where they grew up,” said Hawks, a Littleton resident himself. “This project is really great for the city.”
CBRE’s global headquarters are in Los Angeles, and it has offices throughout North America, Asia and Europe.