L&G Asset Management is continuing its Denver-area multifamily shopping streak.
The U.S. arm of British asset management firm Legal & General purchased The Alder apartments at 15091 Belford Avenue in Parker for $97.2 million, the Denver Business Journal reported. The seller was Century Living, the multifamily division of Greenwood Village-based homebuilder Century Communities, which developed the property.
The Alder boasts one-, two- and three-bedroom apartments ranging in size from 550 to 1,429 square feet. Amenities include a resort-style pool with a tanning deck, 25-yard lap lane and spa, a fitness center, yoga studio, coworking spaces, resident club room, coffee bar, and a game lounge with an indoor fireplace.
The purchase marks the fourth multifamily acquisition for L&G over the past year.
Last month, L&G Asset Management America, the U.S. subsidiary of London-based Legal & General, bought the Outlook Golden Ridge apartments in Golden for nearly $81.9 million. The property at 544 Golden Ridge Road was sold by its developer, Evergreen Devco, and features 177 units across six buildings.
Taurus Investment Holdings, in which L&G owns a minority stake, will oversee the execution of The Alder’s business plan. Taurus will also work alongside green energy supplier EcoSmart Solution to implement energy solutions including the installation of solar photovoltaic technology to lower energy costs.
Elsewhere in the U.S., earlier this year, L&G made a major acquisition in Chicago’s West Loop that strengthened its foothold on this side of the pond. The U.K. financial services firm picked up the 350-unit Arkadia West Loop apartment tower from PGIM. That deal followed the firm’s $200 million commitment to a value-add multifamily fund in partnership with Boston-based Taurus Investment Holdings. The collaboration was created to support acquisitions across the country.
L&G was founded in London in 1836 and has $1.5 trillion worth of assets under its management.— Chris Malone Méndez
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