Denver, Colorado (July 2021) – Ohio-based Summit Management Services, Inc. and its partners announced today the purchase of Incline 45 Apartments in Denver, Colorado. The construction of Incline 45 was completed June 2021 and is already through initial lease up. It is a class-A 270-unit apartment community located in the DIA submarket of Denver, surrounded by master planned developments that will add more than 14 million square feet of class A office, industrial, retail and entertainment uses to the submarket. The property sits strategically between two light rail stations on the area’s A line and is a 5-minute drive from I-70 and a 15-minute drive from Denver International Airport.
Incline 45 Apartments features one-, two- and three-bedroom units and a full amenity package including a year-round pool, game lounge, state of the art fitness center, dog wash station, a solar array supplying green power to much of the common area, and much more. The units are fitted with stainless steel appliances, designer flooring, spacious closets, in-unit washers and dryers and smart thermostats.
“Our purchase of Incline 45 Apartments represents a continuance of our strategy to seek investment opportunities in locations that present attractive employment and lifestyle opportunities for our residents. In addition, our management platform will also seek to enhance the living experience of current and future residents.” stated Amit Pollachek, Chief Executive Officer. “Our investments in Colorado, where we have been active since 2008, have consistently provided value to our partners. We continue to look for opportunities to expand here.”
The property was purchased for $78.5 million. Other Summit Management Services, Inc. (SMSI) recent transactions in Colorado include The Elements at Prairie Center (purchased in 2019), Summit Riverside Apartments (purchased in 2018) and Stonegate Apartments (purchased in 2017), among others. In total, SMSI owns and manages approximately 4,000 market, student and affordable units across Colorado, Ohio, and North Carolina, both for its own portfolio as well as for 3rd parties. For additional information please visit www.liveincline45.com.
