Apartments in Denver Bought by Partnership

Summit Ridge Apartments, 8330 E. Quincy Ave., Denver, has been sold by a partnership sponsored by Simpson Construction Co. of Denver, to ARB-DTC Limited Partnership, consisting of Aetna Life Insurance Co. and R&B; Executive Investments-DTC Associates (an affiliate of R&B; Enterprises of West Los Angeles), for more than $18 million.

The purchase is a 360-unit apartment complex on 12.86 acres with recreation and athletic facilities. The buyer has changed the name to Oakwood Apartments, signaling the Oakwood chain’s entry into the Denver area, and plans cosmetic refurbishments and landscaping improvements, along with renovation of the clubhouse. The new Denver property will be operated by R&B; Apartment Management Co.