Rosemont West 84th

327 W 84th Ave, Denver, CO, 80260, US

Asset Description

JLL has been retained as the exclusive investment advisor in the sale of Rosemont West 84th (“Rosemont”), a low-density 300-unit garden style apartment community centrally located just fifteen minutes north of Downtown Denver, offering the ideal composition of suburban tranquility and premier accessibility to all of metro Denver. Strategically located along bustling 84th Avenue, the acquisition of Rosemont presents a compelling and versatile value-add opportunity within an employment and amenity rich submarket.

Rosemont’s reputation as an established property in a high-demand submarket presents the opportunity to add value through the completion and standardization of unit renovations, commons areas and amenities, positioning the asset in range with its new and recently renovated competition. The property has undergone renovations on 266 units (89%), which allows for completion of the remaining 34 units (11%) and further in-unit enhancement opportunities across the entire property transforming it into one of the more desirable rental communities in the submarket. Rents at Rosemont are ± $200 below newer or renovated competition, on average. Furthermore, with only 313-units delivered in the area (3-mile radius) since 2019, this submarket is expected to see considerable rent growth and economic expansion in the coming years.

Residents of Rosemont benefit from the property’s accessibility to all of the metro’s major employment hubs and recreational lifestyle amenities, promoting Colorado’s live-work-play lifestyle within an in-demand location of residence. As Denver continues to experience some of the strongest housing fundamentals in the country, Rosemont is ideally positioned to experience outsized demand and offers investors the unique opportunity to acquire a stable cash flowing investment that features future revenue generation opportunities.

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Attributes

Number of units

300

Occupancy

95%

Year built

1973

Building area net

20,843 m²

Land area gross

4.49 ha

Media

Investment Highlights

OPPORTUNITY TO ENHANCE VALUE THROUGH A LIGHT RENOVATION PROGRAM

The property has undergone renovations on 266 units (89%), which allows for completion of the remaining 34 units (11%) and further in-unit enhancement opportunities across the entire property transforming it into one of the more desirable rental communities in the submarket. Rents at Rosemont are ± $200 below newer or renovated competition, average, presenting addtional opportuntiies for further value-add enhancements.

FUTURE RENT GROWTH FUELED BY LIMITED SUPPLY

Zero conventional multifamily units are currently under construction within a 3-mile radius of the property and only 313-units have been delivered in the area since 2019. Rosemont will continue to capture out-sized demand and future rental growth due to the limited supply in the immediate area.

CENTRAL LOCATION PROVIDES EASY ACCESS TO MAJOR EMPLOYMENT HUBS

Located along bustling 84th Avenue, Rosemont offers convenient access to some of the metro area’s top employment hubs, including Downtown Denver, Interlocken Business Park and Boulder, all within a twenty-five minute drive. Rosemont’s position in a highly accessible location that is relatively cost-effective provides consistent demand from working-class residents seeking easy access to Denver Metro’s expansive employment hubs.

SURROUNDED BY AMPLE RETAIL

Rosemont boasts an exceptional retail landscape, with a King Soopers grocery store just a short walk away. The property’s prime location offers access to an impressive 11M SF of retail space within a mere 10-minute drive. Notable shopping destinations in close proximity include the prestigious Flatirons Crossing Mall, a 2.5M SF retail destination featuring high-end brands. Additionally, Westminster Promenade and Towne Center at Brookhill are nearby, housing major retailers such as Target, Dave & Buster’s, Costco, and AMC, among many others. This abundance of retail options ensures residents have convenient access to a wide array of shopping and entertainment choices

STRONG MISSION DRIVEN AGENCY FINANCING CANDIDATE

Strong demographics surrounding Rosemont boast significant naturally occurring affordability positioning the asset as a strong candidate for mission driven financing via the agencies..

ATTRACTIVE HISTORICAL BASIS AND SIGNIFICANTLY BELOW REPLACEMENT COSTS

Originally completed throughout the 1970s, Rosemont offers the opportunity to acquire at an attractive historical basis and significantly below today’s replacement costs.