Apartment market shows staying power

Modern-Apartments-wpckiBy Chelsey Dulaney | The Wall Street Journal

Investors in the past week have closed on two separate purchases of apartment complexes in the Denver region and Washington—for a total of $324 million—in the latest sign of the surprising endurance of the multifamily sector.

A venture including the Guardian Life Insurance Company of America and Allstate ALL +0.27% Life Insurance Co. bought a $229 million portfolio of 1,514 units in Denver, Aurora, Colo., and Renton, Wash. Radco Cos., an Atlanta-based real-estate investment firm, acquired a $95 million apartment complex with 512 units in the Lakewood suburb of Denver.

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