Highlands REIT Purchases Apartment Complex Near University of Denver
October 31, 2019 | James Sprow | Blue Vault
On October 24, 2019, Highlands REIT, Inc., through The Muse Owner, LLC, a wholly-owned subsidiary of the REIT, completed the purchase of certain real property and improvements located at 2270 South University Boulevard, Denver, Colorado, for a gross purchase price of $48.7 million, exclusive of closing costs. The seller is not affiliated with the Company.
Built in 2018, the property features 120 units, of the following types: One Bedroom, One Bedroom/Alcove, Studio, Two Bedroom/One and Three Quarter Bath, Two Bedroom/One Bath, Two Bedroom/Two and One Half Bath, Two Bedroom/Two Bath, totaling 103,628 Sq. Ft. The property is located across University Blvd. from the University of Denver campus.
Highlands REIT is a nontraded REIT that was spun off from InvenTrust Properties in 2016. The REIT is not currently paying distributions and had an estimated NAV per share as of December 31, 2018, of $0.35. As of June 30, 2019, the Company owned 18 assets and one parcel of unimproved land. As of December 31, 2018, the Company owned 15 assets and two parcels of unimproved land. During the six months ended June 30, 2019, the Company acquired four multi-family assets for a gross acquisition price of $54.7 million. During the same period, the REIT disposed of land in North Carolina and Lincoln Center in Lincoln, Rhode Island, for a total disposition price of $56.35 million.
Sources: SEC, Blue Vault, Trulia
