REEF Property Trust Inc. (NASDAQ: ZRPTAX; ZRPTIX; ZRPTTX), a publicly registered daily net asset value real estate investment trust advised by DWS Group, has purchased The Glenn, a 306-unit Class A multifamily property in the Denver suburb of Centennial, Colorado for approximately $128.5 million.
Situated on nearly five acres, the property was completed in 2018 and represents the initial project within The District, a planned mixed-use development project. Upon buildout, The District will be a walkable community anticipated to include 2.5 million square feet of office space, approximately 30,000 square feet of retail space, a hotel and additional residential units.
“Acquiring a well-located multifamily asset in one of the strongest job growth corridors in the mountain west is aligned with our portfolio strategy for the REIT,” said Todd Henderson, chairman and chief executive officer of RREEF Property Trust and head of real estate, Americas at DWS. “We continue to remain constructive on the multifamily sector as we believe that strong residential market fundamentals in the U.S. will continue due to low current vacancy rates, low housing supply and a disciplined construction pipeline.”
The Glenn is comprised of 274,700 rentable square feet and is 93.5 percent leased. Property amenities include a swimming pool with gazebos, fitness center with a yoga studio, outdoor community lounge areas with grills, fireplaces and yard games, a pet park, business/conference centers and electric vehicle charging stations. The property is walking distance to the Dry Creek Light Rail Station and nearby shopping destinations.
As of the second quarter of 2021, REEF Property Trust’s real estate portfolio included 14 properties totaling nearly 1.7 million square feet and valued at $412.4 million. The REIT’s real estate securities portfolio consisted of publicly traded common stock of 33 REITs with a value of nearly $25.3 million.
DWS Group is a global asset manager with $1 trillion of assets under management as of September 30, 2021.
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