Summitt Ridge

JLL has been retained as the exclusive advisor in the sale of Summitt Ridge Apartments (“Summitt Ridge”), a 360-unit multi-housing community originally completed in 1980 and located within the Denver Tech Center. The acquisition of Summitt Ridge presents a unique value-add opportunity as 100% of the units are ripe for future renovation given the significant rental headroom between Summitt Ridge and newer product within the submarket. Post renovation, Summitt Ridge has the ability to capture rental premiums in excess of $250/Unit/Month. The current standardized unit finish level across all units consists of: black appliances, carpet in living areas, hardwood flooring in wet areas, formica countertops, outdated lighting fixtures, and outdated cabinetry. New ownership has the ability to renovate 100% of units in order to close the existing ± $600 rental gap between Summitt Ridge current in-place rent levels and new or recently renovated communities within the submarket. Additionally, in-place rent levels at the asset of $1,629 ($1.77/SF) boast significant naturally occurring affordability promoting a full mission agency debt execution.  

Summitt Ridge is located within the employment and amenity rich Denver Tech Center submarket. Situated within the broader Southeast Business Corridor (240,000 Employees), the Denver Tech Center is home to over 35,000 employees with a diverse mix of industry leading companies such as: Arrow Electronics, Charles Schwab, CoBank, Oracle and more. Additionally, the asset’s proximity to major thoroughfares in I-225 and I-25 allows for connectivity to every major employment hub within Metro Denver. Furthermore, the unique Tech Center location boasts affluent demographics with average household incomes in excess of $145K within a 3-mile radius and average home values of over $800K.  

Strong surrounding demographics, significant renovation potential, stable historical performance, and unique employment driven locational attributes position Summitt Ridge as a compelling investment opportunity, offered at a strong historical basis.