Windsor at the District_Property for Sale

6300 E Hampden Ave, Denver, CO, 80222-7678, US

Windsor at the District

Asset Description

JLL has been retained as the exclusive investment advisor in the sale of The District by Windsor Apartments (“The District”), a 276-unit core-plus multi-housing opportunity ideally located near Denver’s largest employment hubs and most sought-after suburban locales of residence.

Given the rental disparity between The District compared to new or recently renovated communities within the submarket ($300+/unit/month on average), The District boasts a true core-plus opportunity as the property remains primed for a comprehensive strategic value-add campaign. All units at The District remain primarily in original condition comprised of standardized unit interior finishes featuring granite countertops, stainless steel appliances, subway tile back splashes, outdated cabinets, carpet, and LVP flooring. Possessing a diverse array of studio, one, and two-bedroom floor plans, The District’s offerings are plentiful, featuring a full-suite community amenity package as well as 16,622 SF of stable, tenant amenity rich on-site retail.

With prominent frontage along I-25 and Hampden Avenue, The District provides residents immediate access to the metro’s largest employment hubs; the Southeast Business Corridor (over 240,000 employees) and Denver’s Central Business District (over 150,000 employees). Additionally, the District is located within walking distance from RTD’s Southmoor Station, providing residents light rail access throughout Denver. Furthermore, the property is surrounded by popular dining, retail, entertainment and lifestyle amenities. These aforementioned locational attributes pair well with the robust demographics surrounding The District, with an average home value and household income of $826,899 and $137,197, respectively (3-mile radius).

The acquisition of The District presents the compelling thesis to acquire a well-located multi-housing community of scale with clear core-plus upside within one of Metro Denver’s strongest performing, amenity rich and employment bountiful submarkets.

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Attributes

Investment strategy

Value Add

Number of units

276

Occupancy

96%

Year built

2005

Land area net

2.83 ha

Rentable area

23,022 m²

Media

Investment Highlights

AMPLE CORE-PLUS/VALUE-ADD UPSIDE
Primarily in its original condition, the acquisition of The District presents a unique core-plus/value-add opportunity to revamp unit interiors via new quartz countertops, upgraded lighting fixtures, new cabinet doors, upgraded hardware, and continuing the implementation of LVP flooring throughout all living spaces.
EASE OF ACCESS TO DENVER’S LARGEST EMPLOYMENT HUBS
The District is located within Colorado’s largest employment center, the Southeast Business Corridor. This region, with its combination of exceptional accessibility, diverse amenities and outstanding recreational opportunities, has always attracted large corporate users, including a majority of the Fortune 500 companies located in Colorado. With more than 40 million square feet of office space in total, the southeast suburban submarket supports more than 240,000 employees. Residents of The District are located just minutes from every major business center that comprises the corridor.
TRANSIT ORIENTED DESTINATION
The District is steps from RTD’s Southmoor Station, which offers convenient transit access to key employment, entertainment, and educational destinations throughout the metro area. The District is also located directly adjacent to I-25, an interstate that connects residents to all of the region’s major employment, recreation, and entertainment opportunities.
COMMERCIAL DEVELOPMENT DRIVING GROWTH
Commercial tenants in the Denver market have strongly favored newly built product as companies solidify their return to the office. Class A buildings continue to account for an outsized portion of leasing activity as tenants are unwilling to pursue leases in lower quality space. In the past 3 years, over 1.3 million square feet of office space in the Southeast Business Corridor has been leased in newly constructed buildings. With almost 3 million square feet of office recently delivered, and over 6 million square feet in various planning stages, the Southeast Business Corridor serves as a catalyst for growth fueling renter demand within the Denver Tech Center.
ABUNDANT ACCESS TO RETAIL & RECREATIONAL AMENITIES
The I-25 & Hampden retail corridor features a multitude of high-traffic retail amenities such as Whole Foods, King Soopers, Park Hampden Shopping Mall, Tiffany Plaza Mall, Walmart, and Target all within the immediate area. Additionally, The District features nearly 17,000 SF of on-site retail with a dynamic tenant base including resilient names such as UPS, Jimmy Johns, Omaha Steaks, Noodles & Company, Cold Stone Creamery, and Sports Clips.