New company buys Lime Apartments in Lakewood

LAKEWOOD — Larimer Associates has sold the Lime Apartments located at 1220 Wadsworth Blvd. in Lakewood for $10.5 million.

Notch Mountain Properties was the buyer. Notch Mountain is a new company formed in 2020 to buy multi-family assets in Colorado and Texas. Daniel Rickert of Denver is the principal of Notch Mountain; he formed a joint venture with Venkat Avasarala and Ramana Korada of Raven Multifamily based out of Dallas.

Unique Properties Inc./TCN Worldwide and the Greystone-Unique Apartment Group helped broker the deal. Kevin Higgins from Unique Properties acted as buyer’s agent.

The Lime Apartments complex is a 50-unit,  renovated multifamily facility near the W-Line’s Wadsworth Station light rail stop. The sale price represents $211,000 per unit or $214.22 per square foot. 

“We are excited to be acquiring our first asset in Colorado. The quality of the renovations, location of the asset, and excellent tenant base attracted us to the property and allowed us to get comfortable with the purchase amidst the COVID-19 pandemic,” Notch Mountain said in a written statement.

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