CHICAGO - IL - Waterton Associates announced the recent acquisition of 9100 Vance Apartments, a 276 unit community located in Westminster, Colorado. 9100 Vance is the sixth asset purchased by Waterton this year and the companies first in the Denver, Colorado market.
Constructed in 1994 by Windsor Development, the three-story, 12 building community includes 276 apartments consisting of one and two bedroom garden style units. Conveniently located just one mile east of Highway 36, the metro area's primary thoroughfare between Boulder and Denver , 9100 Vance offers residents great accessibility to the Denver metropolitan area as well as the Colorado Rocky Mountains and major shopping and entertainment areas. The property is located once block east of Wadsworth Avenue, providing direct access to the 963-acre Interlocken Business Park, containing major employers such as Oracle, Google and Ball Corporation.
"Waterton is excited to add this high quality asset to its growing portfolio. 9100 Vance's strong location within a desirable submarket and its attractive amenity package further reinforced our decision to acquire the asset" states Matt Mastiner, Senior VP of Acquisitions, Waterton Associates. "We believe 9100 Vance is an ideal candidate for a light renovation that will modernize the properties unit interiors and allow it to compete with newer product in the submarket."
Westminster has received numerous awards for being a superior area to live, work and play. Local recreational amenities include 1,850 acres of open space, 654 parks, golf courses and miles of hiking and biking trails. 9100 Vance is in close proximity to the region's highest concentration of technology, aerospace and renewable energy employers. Residents enjoy a host of amenities and features including a clubhouse, business center, swimming pool as well as unique amenities such as an indoor basketball court and jogging trail.
Waterton closed the 9100 Vance transaction September 12, 2012 and plans to implement a value-add, physical upgrade renovation program including upgraded flooring, clean steel appliances, new countertops and cabinet hardware, and a plumbing fixture upgrade.
Chicago based Waterton Associates, one of the leading multifamily companies in the nation, is focused on the acquisition of apartment communities in multiple markets to which it can add value through repositioning and renovation.
Source: Waterton Associates / #Multifamily #Apartments