DENVER, CO - Continental Realty Advisors (CRA), a Denver-based national multifamily investment and management firm, in partnership with GTIS Partners, a global real estate investment firm headquartered in New York, announced the acquisition of Canyon Reserve at the Ranch Apartments in Westminster, Colo.
The 256-unit garden-style apartment community on 13.38 acres is located in the heart of the 120th Avenue retail corridor with spectacular mountain views. The property includes 16 two-story buildings with generous amenities, including two clubhouses, resort-style pool, state-of-the-art gym, spacious private dog park and business center. All apartments feature wood-burning fireplaces, vaulted ceilings, deep-bath garden tubs and private patios or balconies.
Built in 1984, Canyon Reserve recently has been upgraded with all new roofs and skylights, but offers the opportunity for a full renovation to drive increased rental revenue and compete effectively in the submarket for years to come. Current occupancy rate is 96+ percent.
"Canyon Reserve at the Ranch is a perfect example of CRA's strategy to invest in and improve communities with strong underlying economics while maintaining a commitment to provide affordable rents and quality service to our residents," says Robert Ireland, director of acquisitions for CRA. "We are very pleased with this acquisition and are excited to be working with GTIS on enhancing the property."
CRA plans to upgrade both the common area amenities and unit interiors as part of their proven value add program. Amenity upgrades will include enhanced landscaping, new exterior paint, expansion and improvement of the pool surrounds, addition of fitness on demand, construction of a coffee lounge & patio, and expansion of the existing leasing center. Interior upgrades will consist of updated cabinetry, stainless steel appliances, plank flooring, modern lighting, hardware and paint.
Residents at Canyon Reserve, located at 2890 W 116th Place, enjoy proximity to major retail outlets, employment centers and numerous recreational amenities. The area is home to nearly 1,000 companies, including major international corporations like Ball Corporation, Staples and Vail Resorts, as well as technology-oriented multinationals such as Google, IBM and Oracle.
With easy access to I-25 and US 36, residents enjoy a 10-mile commute to Downtown Denver and a 15-mile commute to Boulder. Just 3.5 miles away is the Westminster Mall redevelopment, a 105-acre project with plans for over 1 million square feet of office, 700,000 square feet of retail, parks and the potential for a new light rail stop. Phase one is expected to open late this year; the project will add an estimated 8,000 employees to the area upon completion.
We are excited to build a successful investment portfolio with the professionals at GTIS," says David Snyder chairman and CEO of CRA. "CRA's 35 year multi-billion dollar real estate investment experience combined with the rich history of GTIS's global multi-billion dollar investment funds is a powerful combination."
Canyon Reserve is the first joint venture between GTIS Partners and CRA.
"We are very pleased to partner with the talented CRA team on Canyon Reserve, which is in one of our strongest markets," says Davd Pahl, managing director, GTIS partners. "We can create significant value by repositioning the property in response to growing local demand. This is the first of many planned investments for a newly-formed GTIS fund, and represents a promising start to executing our fund strategy."
HFF's Denver investment sales team representing the seller was led by managing director Jordan Robbins and associate director Jeff Haag. The JFF debt placement team representing the borrower included managing director Josh Simon and senior managing director Brian Carlton.