Avana Thornton Station

JLL has been retained as the exclusive investment advisor in the sale of Avana Thornton Station (“Avana”). The acquisition of Avana presents the unique opportunity to purchase a 480-unit, value-add investment opportunity of scale, featuring expansive floorplans (over 1,000 SF on average), within the desirable and rapidly expanding suburb of Thornton, Colorado.

Avana is an established, well-located and high-performing low density (± 17-units/acre) garden style apartment community within the Thornton submarket, which has ranked as one of the lowest supplied and strongest submarkets for fundamentals within metro Denver since 2018 (± 30.9% cumulative & 4.7% average annual rental growth). Over the last several years, selective enhancements have been made on 132 units (27%) throughout the property, proving achievable monthly rental premiums of ± $235 per unit. Current renovations include: LVP flooring, stainless-steel appliances, quartz countertops, new cabinets and hardware, a modernized lighting package and farmhouse style sinks with gooseneck faucets. Avana’s reputation as an established property in a high-demand submarket presents the opportunity to add value through strategic operational positioning and the completion of unit renovations, positioning the asset in range with its relevant competition. Rents at Avana are ± $285 below newer or recently renovated competition, on average.

Situated along 104th Avenue, the location provides excellent transportation linkages and convenient access to major employment hubs throughout the metro. 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 locational characteristics along with the property’s commanding physical presence, position Avana to experience outsized renter demand and continued economic expansion for the foreseeable future, making the opportunity one of the most compelling value-add investments of scale available within the metro.