Source: Waterton Associates / #Apartments #Multifamily
DENVER, CO - Waterton Associates LLC, a U.S. real estate investor and operator, is pleased to announce the acquisition of The Apartments at Denver Place, a 193-unit high-rise apartment community located in downtown Denver. The community is the fifth property purchased by Waterton in 2014.
The Apartments at Denver Place is located within a larger mixed-use property known as Denver Place, which also includes a high-rise office building, a fitness facility and a controlled-access underground parking garage. The apartments are located in a 37-story mixed-use tower that contains 24 for-sale condominiums and a five-star Ritz-Carlton hotel on the first 14 floors of the building. Residents of The Apartments at Denver Place have access to the hotel’s full suite of luxury amenities including the 9,000-square-foot Ritz-Carlton spa, as well as the newly renovated 68,000-square-foot TruFit Athletic Club.
“This is a very high-quality property with a unique opportunity to further improve the residential units, common areas and amenity spaces,” said Matt Masinter, senior vice president of acquisitions at Waterton. “We are very pleased to add Denver Place to our portfolio, as we see a lot of growth potential in this market and some great value-add upside at this property.”
The Apartments at Denver Place is conveniently located within walking distance of downtown Denver’s most desirable employment, nightlife and entertainment districts, including the 26-block Arapahoe Square Urban Redevelopment Area, just one block northeast of the property. Since the area became eligible for tax increment financing in 2011, eight sites have been redeveloped, including the Denver U.S. Patent and Trademark Office. The office, which opened in June 2014, is home to 125 professionals and is expected to generate $439 million of economic activity over the next five years. Lastly, the highly anticipated Union Station redevelopment is located just six blocks from the property.