DENVER, CO - San Francisco-based real estate investment firm Hamilton Zanze has acquired the 216-unit Willow Run Village apartment community in Broomfield, Colorado, just north of Denver, for $50 million.
The property, purchased from Griffis/Blessing, consists of 10 two- and three-story residential buildings totaling to 222,768 square feet. This is the 14th property the firm owns in Colorado, and the eighth in the Metro Denver area.
"Willow Run presents a true value-add opportunity," said David Nelson, managing director of acquisitions for Hamilton Zanze. "We are planning an extensive interior renovation campaign, resulting in a strategically positioned asset in a fabulous location."
Built in 1999, Willow Run Village is located at 12621 Zuni Street and offers one-, two-, and three-bedroom units ranging from 859 - 1,248 square feet. It is located very near the 128th Avenue onramp for I-25, one of the region's most traveled thoroughfares. The property is also adjacent to a greenbelt for pedestrian and bicycle traffic and within short walking distance of the Broomfield Commons Open Space.
Hamilton Zanze plans to improve common-area amenities and will be enhancing the package locker area and refreshing the on-site dog park. The company plans to update select units with new stainless-steel appliances, upgraded hardware and lighting fixtures, faux wood flooring, and new paint. Property management responsibilities will be transitioned to Mission Rock Residential, a Denver-based company.
Ranked third on U.S. News and World Report's 2017 list of the Best Places to Live, Denver has received wide acclaim as a top destination for job seekers, relocating companies, and investors as the metro continues to receive one of the largest influxes of out-of-state domestic migrants nationwide. Strong aerospace, defense, healthcare, hospitality, and finance sectors provide a wide array of job opportunities and an economy well-designed to sustain through economic cycles.