Description de l'actif
JLL has been retained as the exclusive investment advisor in the sale of Advenir at Wyndham Apartments (“Wyndham”). The acquisition of Wyndham presents the unique opportunity to purchase a 360-unit, value-add investment opportunity of scale, situated within the prominent Longmont submarket.
Wyndham’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, common areas and amenities, positioning the asset in range with its new and recently renovated competition. Over the last several years, Ownership has infused signiﬁcant capital into the property, spending over $3 million in upgrades inclusive of large capital expense items, recreational amenity enhancements and selective in-unit upgrades. Furthermore, the property has undergone light levels of in-unit enhancements over the years, which allows for further upgrades and full renovations across the asset transforming it into one of the more desirable rental communities in the Longmont submarket. Rents at Wyndham are ±$400 below newer or renovated competition, on average. This is one of the more aﬀordable submarkets in the Boulder MSA, and as residents are priced out of neighborhoods closer to Boulder and Denver, the Longmont submarket is expected to see considerable rent growth and economic expansion in the coming years. Wyndham’s current in-place rental rates boast signiﬁcant natural aﬀordability allowing a prospective purchaser to explore accretive mission-driven ﬁnancing options.
Residents beneﬁt from ease of access to a multitude of recreational amenities including a plethora of shopping, dining and entertainment options all within close proximity to the asset. Dense employment in the Longmont submarket and surrounding hubs in Boulder and Denver serve as a catalyst for continued renter demand. These characteristics along with Wyndham’s placement within the Longmont submarket, position the property to continue to experience strong fundamentals as residents ﬂock to high-quality suburban garden-style communities within this submarket.
Caractéristiques de l'actif
Points clés d'investissement
- SIGNIFICANT VALUE-ADD POTENTIAL
- HIGH PERFORMING SUBMARKET
- EXCELLENT ACCESS TO MAJOR EMPLOYMENT
- ECONOMIC DEVELOPMENT DRIVING GROWTH