
Greentree Village
3562 N Carefree Cir, Colorado Springs, CO, 80917-2803, US
216 units
JLL has been retained as the exclusive investment advisor in the sale of North Creek Apartment Homes (“North Creek”). The acquisition of North Creek presents the compelling opportunity to purchase a 168-unit, value-add investment opportunity, within the desirable and rapidly expanding suburb of Thornton, Colorado. Originally completed in 2002, North Creek has been institutionally owned and managed over the past decade and is well-positioned for a complete value-add campaign targeting 100% of the property as all units remain in classic condition.
North Creek is a well-located and high-performing garden style apartment community within the Thornton submarket, which has ranked as one of the lowest supplied and strongest submarkets for fundamentals within metro Denver since 2018 (± 30.9% cumulative & 4.7% average annual rental growth). The property’s reputation as an established property in a high-demand submarket presents the opportunity to add value through a full value-add program to position the asset in range with its relevant competition. Rents at North Creek are ± $200 - $300 below newer or recently renovated competition, on average.
Situated along I-25, the location provides excellent transportation linkages and convenient access to major employment hubs throughout the metro. Furthermore, residents benefit from ease of access to a multitude of recreational amenities including being a short 5-minute walk to the North Creek Community Park and being surrounded by a plethora of shopping, dining and entertainment options all within close proximity to the asset. These locational characteristics along with the property’s physical presence and locational attributes position North Creek to experience outsized renter demand and continued economic expansion for the foreseeable future.
IDEAL VALUE-ADD CANDIDATE & STRONG PROPERTY PERFORMANCE
ONE OF THE LOWEST SUPPLIED SUBMARKETS IN THE METRO DENVER
WELL LOCATED SUBURBAN ASSET WITH EASY ACCESS TO ALL MAJOR EMPLOYMENT NODES & ENTERTAINMENT
COMMERCIAL DEVELOPMENT SPEARHEADING GROWTH
STRONG MISSION DRIVEN AGENCY FINANCING CANDIDATE