Graceada Partners Expand Holdings with Lakewood, CO Apartment Complex

The 96-unit apartment complex is part of firm’s Fund III.

Originally posted at Globest.com

Graceada Partners has acquired The Meridian at Lakewood, a 96-unit, garden-style apartment complex in Lakewood, CO, a western suburb of Denver. The investment is part of Graceada Partners Fund III.

The Meridian at Lakewood, built in 1969, underwent substantial renovations in 2012. Currently sitting on a 4.74-acre site, it features five three-story apartment buildings and a single-story clubhouse/leasing office.

“Several factors, including a favorable purchase price and a moratorium on new construction in the Lakewood area, lead us to anticipate this property becoming a strong investment over the next five years,” said Ryan Swehla, Co-CEO of Graceada Partners.

Swehla added that the complex is in excellent condition and includes a substantial capital plan for significant upgrades within the first year.