New acquisition builds on the footprint of Graceada Partners near the Rockies
MODESTO, Calif., March 22, 2023 /PRNewswire/ -- Graceada Partners has finalized its acquisition of The Meridian at Lakewood, a 96-unit, garden-style apartment complex in Lakewood, Colorado, a western suburb of Denver adjacent to the Rockies.
"Our investment strategy continues to focus on finding value-add properties in growing secondary and tertiary markets that offer a high quality of life and strong upside. This is another example of an acquisition that underscores our investment thesis," said Joe Muratore, Co-CEO of Graceada Partners.
This acquisition builds on the firm's presence in the Rocky Mountain states. The Meridian at Lakewood underwent substantial renovations in 2012. Currently sitting on a 4.74-acre site, it features five three-story apartment buildings, a single-story clubhouse/leasing office and a large playground and dog park.
"Several factors, including strong demand 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. "Acquiring the property outside of the traditional marketing process allowed us to obtain favorable pricing."
Swehla added that the complex is in excellent condition and includes a substantial capital plan for unit upgrades within the first few years.
This acquisition aligns with previous reports released by Graceada Partners that emphasize the existing opportunity for investors in secondary and third-city markets. The rental population and pricing trends in the Lakewood area are anticipated to continue to rise in the coming years.
ABOUT GRACEADA PARTNERS
Graceada Partners is a vertically integrated real estate private equity firm focused on institutionalizing secondary & tertiary markets of the Western United States. Founded in 2008, the firm has $0.5 billion in assets under management (AUM) and employs a team of 50+ professionals who work collaboratively to source, capitalize, manage, renovate, lease, and sell properties. Graceada's in-house expertise includes fund management, asset management, construction, and property management.
The firm's leadership team averages over 18 years of experience adding value to real estate, collectively having managed over $10 billion in assets. Born in 2008 in the heart of the Global Financial Crisis, Graceada Partners is a seasoned expert amid looming economic uncertainties, which has allowed the firm to turn market dislocation into successful investments.
The Graceada Partners team lives by its core values: Positive, Caring & Humble; Owns the Mission; Does the Right Thing; Excellence in Execution; Wants to Win. Graceada Partners is a veteran-owned company that is proud to operate in historically underserved and under-invested regions.
Learn more at http://GraceadaPartners.com.
Bob Spoerl, for Graceada Partners
SOURCE Graceada Partners
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