Various locations

CapitaLand Portfolio

Portfolio description

JLL has been retained as the exclusive investment advisor in the sale of the CapitaLand Denver Portfolio, a five-property portfolio consisting of 1,250 units within the following five unique properties: Parkfield, Dartmouth Woods, Canterra at Fitzsimons, Sienna at Cherry Creek, and Silverbrook Apartments. The CapitaLand Denver Portfolio is locationally diversified across Metro Denver within the employment and amenity rich suburban markets of Northeast Denver, Aurora, and Lakewood. The CapitaLand Denver Portfolio offering may be acquired as a portfolio, through sub-portfolios, or on an individual property basis.

Originally completed from 1984-1999, the acquisition of the CapitaLand Denver Portfolio presents the unique opportunity for a new market investor to acquire immediate scale or an existing market investor to significantly expand their footprint in the highly desirable Denver market. Each property boasts a primed value-add opportunity to further renovate all units across the portfolio in order to compete with newly delivered and recently renovated product. Current ownership has completed selective enhancements across the portfolio with a strategic focus on community amenities, exterior upgrades, and moderate in-unit enhancements. Given current ownership’s focus on enhancing community amenities and exterior upgrades, the portfolio is primed for a strategic in-unit renovation campaign. Upon standardization and completion of property upgrades, the CapitaLand Denver Portfolio is optimally positioned to capture proven premiums ranging from ±$150-$300/unit/month, across the portfolio.

The CapitaLand Denver Portfolio benefits from its proximity to Metro Denver’s major employment hubs, including the Fitzsimons Medical District, Southeast Business Corridor, Denver International Airport, Denver Federal Center and Cherry Creek. The advantageous locations of the properties within the portfolio offer unparalleled access to a diverse range of employment sectors and attractive recreational and lifestyle amenities. Furthermore, each individual property within the portfolio is well-positioned to capitalize on elevated rental demand and fundamental expansion for the foreseeable future as prolonged employment growth, stable net migration, and an increasing delta between rents and homeownership costs have combined to make Metro Denver one of the strongest and most resilient multifamily markets in the country.

Each property within the CapitaLand Denver Portfolio has been institutionally owned and managed since original delivery and has benefited from a combined $18.9M in capital improvements since 2019. The sheer scale of the CapitaLand Denver Portfolio coupled with a proven value-add thesis present a distinct business plan for an investor to implement a tailored in-unit renovation and repositioning campaign, enabling each property to further compete with newly delivered and recently renovated product, increasing rents ± $150-$300/unit/month, across the portfolio.

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Attributes

Investment strategy

Value Add

Number of units

1,250 units

Occupancy

95%

CapitaLand Portfolio (5 Properties)

Media

Investment Highlights

RARE ABILITY TO ACQUIRE IMMEDIATE SCALE WITHIN METRO DENVER

The five-properties consisting of 1,250 units in total may be acquired as a portfolio, through sub-portfolios, or on an individual property basis, representing diversity in location and allowing a new market investor to acquire immediate scale or an existing market investor to significantly expand their footprint in Metro Denver.

SIGNIFICANT VALUE-ADD OPPORTUNITY

Current ownership has completed selective enhancements across the portfolio with a focus on community amenities, exterior upgrades, and moderate in-unit enhancements. Given current ownership’s focus on enhancing community amenities and exterior upgrades, the portfolio is primed for a strategic in-unit renovation campaign and is optimally positioned to capture proven premiums ranging from ± $150-$300/unit/month, across the portfolio.

ATTRACTIVE HISTORICAL BASIS AND SIGNIFICANTLY BELOW REPLACEMENT COSTS

Originally completed throughout the 1980s and 1990s, the portfolio offers the opportunity to acquire immediate scale at an attractive historical basis and significantly below today’s replacement costs.

RISING HOME VALUES PROMOTE CONTINUED EXPANSION OF FUNDAMENTALS

As the cost of homeownership continues to rise across Metro Denver (Average Home Value in excess of $550,000), each property is well positioned to benefit from the growing sentiment of “renting for longer” amongst the key renter demographic serving as a catalyst for elevated future rental growth.

STRONG AREA DEMOGRAPHICS WILL PROMOTE ACCRETIVE FINANCING AS A RESULT OF NATURALLY OCCURING AFFORDABILITY

Although the portfolio consists of 100% market-rate units, each property boasts significant naturally occurring affordability positioning the portfolio as a strong candidate for mission driven financing via the agencies.

UNPARALLELLED ACCESS TO CRITICAL METRO DENVER EMPLOYMENT HUBS

The portfolio is anchored by critical employment hubs throughout Metro Denver boasting proximity to the Southeast Business Corridor, CBD, Denver International Airport, Fitzsimons Medical District, Denver Federal Center and Cherry Creek.