North Creek Apartments_Property for Sale
North Creek Apartments_Property for Sale

North Creek Apartments

700 W 91st Ave, Thornton, CO, 80260-8832, US

Asset Description

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. 

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Attributes

Number of units
168
Year built
2002
Building area net
17,354 m²

Media

Investment Highlights

IDEAL VALUE-ADD CANDIDATE & STRONG PROPERTY PERFORMANCE

  1. Originally completed in 2002, North Creek is an ideal value-add candidate with 100% of the units primed for a full renovation campaign. The property offered zero concessions and posted strong resident renewal retention in excess of 70% over the last year. All this coupled with current rents at the property sitting ± $200 - $300 below newer or recently renovated competition (on average), builds the case for a complete community refresh at North Creek transforming it into one of the most desirable rental communities in the submarket.

ONE OF THE LOWEST SUPPLIED SUBMARKETS IN THE METRO DENVER

  1. The Thornton submarket has seen limited new multifamily deliveries in recent years and continues to be a high barriers to entry market. At this time, there is only one project under construction within the submarket (385-units), which is the lowest submarket new delivery pipeline in comparison to adjacent competitive submarkets. These attributes position the Thornton submarket to capture outsized demand and continued future rental growth.

WELL LOCATED SUBURBAN ASSET WITH EASY ACCESS TO ALL MAJOR EMPLOYMENT NODES & ENTERTAINMENT

  1. North Creek boasts convenient access to I-25, connecting residents to Denver’s major employment centers including the U.S. 36 Corridor, Downtown Denver and Denver International Airport. Residents also enjoy easy access to premier shopping and entertainment destinations such as Flatiron Crossing Mall, Thornton Town Center, Denver Premium Outlets and more.

COMMERCIAL DEVELOPMENT SPEARHEADING GROWTH

  1. North Creek will continuously benefit from existing and future demand driving generators such as the redevelopment of Flatirons Crossing Mall, Redtail Ridge, Interlocken Tech Park, and Verve Innovation Park.

STRONG MISSION DRIVEN AGENCY FINANCING CANDIDATE

  1. Strong demographics surrounding North Creek boast significant naturally occurring affordability as nearly 100% of rents at the property are at or below 80% of AMI, positioning the asset as a strong candidate for mission driven financing via the agencies.

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Last updated
29 May 2025