Riverpoint Apartments_Property for Sale
Riverpoint Apartments_Property for Sale
1330 W. Mississippi Ave., Denver, CO, 80223, US

Riverpoint Apartments

Asset Description

JLL has been retained as the exclusive investment advisor in the sale of Riverpoint Apartments (“Riverpoint”), a 42-unit apartment community located within the Southwest Denver submarket. Completed in 1971, Riverpoint consists of one and two-bedroom homes and presents immediate value-add upside through the completion of an interior renovation program on the remaining 21 unrenovated units. Riverpoint Apartments offers an assumable loan at a 3.35% fixed rate with 5 years remaining on the term. With outstanding proximity to the I-25 & Broadway light rail and bus station, Riverpoint Apartments are located mere minutes from major employment hubs such as downtown Denver, South Colorado & I-25 corridor, and Cherry Creek, providing residents seamless access to numerous employment, travel, and leisure amenities.


Renovated from 2022 to 2024, Riverpoint offers a unique opportunity for investors to acquire and continue implementing a strategic value-add program, focused on interior upgrades. These interior upgrades include Whirlpool appliances, hard surface countertops, new cabinet fronts and faucets, vinyl plank flooring, and bathroom vanity and shower fixture enhancements. Renovated units are achieving $150-$250 rent premiums on $10K-$12K interior upgrade packages. Current ownership has invested nearly $800K across capital expenditures, primarily focusing on exterior improvements, deferred maintenance, and common area upgrades. This position allows a future owner to realize premium rents within a strong-performing submarket. 


The acquisition of Riverpoint Apartments presents an enticing opportunity to acquire a transit-oriented community with a proven track record of success in the thriving Southwest Denver submarket. 

...

Attributes

Number of units
42 units
Year built
1971
Building area gross
31,592 sf

Media

Investment Highlights

  • PREMIER VALUE-ADD OPPORTUNITY
  • SUBURBAN SUBMARKET WITH STRONG FUNDAMENTALS
  • CONNECTION TO DENVER’S MAJOR EMPLOYMENT
  • FUTURE DEVELOPMENT DRIVING GROWTH


Contact brokers

Riverpoint Apartments (0 Properties)

Similar properties

View moreChevron Right
Do you have any questions? visit our FAQ page
View FAQ PageArrow Right
JLL can help you finance and manage your portfolio. Email us today to see how we can help achieve your ambitions.
Last updated
29 May 2024