DENVER, CO - Triumph Properties Group has acquired Villas at Holly, a 144 unit apartment community, located in Centennial, Colorado. The $26,250,000 acquisition is Triumph's first in the Denver market.
The property will continue to be improved via unit interior upgrades and exterior and common area additions. The Villas at Holly transaction was closed on an all cash basis in 37 days. Median income within a 1 mile radius exceeds $90,000.
Located on the corner of Arapahoe Road and Holly Street, the property benefits from excellent drive by visibility, and is only minutes from Denver Tech Center and shopping at The Streets of Southglenn.
With superior amenities and features that complement upscale living spaces, the community is pet-friendly with a state-of-the-art fitness center, sparkling swimming pool, and on-site laundry services. The interior amenities include wood burning fireplaces, oversized closets, large bedrooms and living rooms, separate dining rooms, galley-style kitchens, and private balconies.
"We like Denver over the long term, and Villas at Holly presented us with an opportunity to gain entry into a high-quality submarket at attractive relative pricing and a clear opportunity to increase income by improving unit interiors," said Will Roos, Triumph's Director of Acquisitions.
Triumph is continuing to expand its acquisition platform with $150-$200 Million in acquisitions targeted over the next 12 months. Triumph's portfolio includes approximately 2,000 multifamily units, approximately 1,000,000 square feet of commercial properties, and various development sites around the country.