Description de l'actif
The acquisition of Altitude presents the unique opportunity to purchase a 276-unit, value-add investment opportunity of scale, situated along the prominent U.S. 36 “Creative Corridor” in Westminster, Colorado.
Altitude is an established, well-located and high-performing garden style apartment community within the Westminster submarket, which ranked the strongest submarket for fundamentals within the Metro (+ 6% Year-over-Year Rent Growth – Q1 2023). Over the last several years, selective enhancements have been made on 217 units (79%) throughout the property, yielding monthly rental premiums ranging between ± $115 - $210 per unit. Current renovations include: LVP flooring, stainless-steel appliances, quartz countertops, electric fireplaces, updated bathroom vanities and extensive renovations throughout common areas and community amenities. Altitude’s reputation as an established property in a high-demand submarket presents the opportunity to add value through strategic operational positioning and completion and standardization of unit renovations, positioning the asset in range with its new and recently renovated competition. The property has undergone various levels of renovations 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 Westminster submarket. Rents at Altitude are ± $300 below newer competition, on average.
Situated along the U.S. 36 Corridor, the location provides excellent transportation linkages and convenient access to major employment hubs such as; Interlocken Business Park, Boulder and Downtown Denver, all of which are within a 15 – 20 minute driving commute from Altitude. Furthermore, 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. These characteristics along with Altitude’s placement within the Westminster submarket, position the property to continue to experience strong renter demand as residents flock to high-quality suburban garden-style communities along the U.S. 36 “Creative Corridor”.
Caractéristiques de l'actif
Points clés d'investissement
- Proven Value-Add Investment
- Top Performing Metro Denver Submarket
- Commercial Development Driving Growth
- Ease of Access to Dense Employment Base
- Access To Abundant Retail & Lifestyle Amenities
- Downtown Westminster Serves as A Catalyst For Continued Growth