Living / Multi-housing

Ardenne

601 Merlin Dr, Lafayette, CO, 80026-1952, US

Ardenne_Property for Sale

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Asset description

JLL is pleased to present the exclusive listing of Ardenne, a 160-unit apartment community strategically located in the highly desirable community of Lafayette, CO, between Boulder, Denver, and the Interlocken Business Park. Consistently named as one of the best places to live in Colorado, the housing stock in Lafayette consists of primarily high-cost single-family homes whose average prices eclipse $850k, creating an extreme lack of multifamily rental supply in the area. Located just fifteen minutes from Boulder and Interlocken Business Park, Ardenne provides convenient access to the “US-36 Creative Corridor,” Metro Denver’s major technology and innovation hub between Boulder and Downtown Denver. In addition to the technology employment, residents at Ardenne are one mile from the Good Samaritan/Kaiser Permanente medical center, with over 1,600 employees, and ten minutes from the Flatiron Crossing regional mall.


Ardenne presents an attractive value-add opportunity for potential investors. The 160 units comprise 96 market-rate units and 64 affordable units. The affordable units are governed by a LURA agreement restricting 40% of the units at 60% of the area’s median income. However, current in-place rents for these units are below rent levels set by the county, providing a new owner the ability for immediate rental increases. This agreement was established when the property was developed in 1996 and is set to expire in December 2026. At that time, the 64 units can be converted to market rate units, allowing the current rents to reset, resulting in a circa 12% increase in rental revenues. Additionally, new ownership could increase NOI through a comprehensive renovation program of those units. Ardenne’s coveted location and clear value-add potential create a rare opportunity for new investors.  

Attributes

Asking Price
$46,000,000
Number of units
160 units
Year built
1996
Building area Net
140,842 sf
Land area Net
11.53 acres (502,247 sf)

Investment highlights

  • LIHTC Value-Add Opportunity
  • Strong Submarket Growth
  • Coveted Neighborhood Demographics
  • Exceptional Access to Major Employment

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Last updated
Oct 31, 2022