Cushman & Wakefield is pleased to present the opportunity to purchase Alta Springs, a 359-unit apartment community in Denver, Colorado.
Alta Springs is a well-designed community located in the affluent southeast Denver submarket. Residents enjoy expansive floor plans and an extensive upscale amenity package. Situated just 1.5 miles from the Nine-Mile Light Rail Station and between several major highways, residents enjoy a suburban lifestyle while maintaining access to Denver Metro’s myriad of dining, entertainment and retail options.
The property is also conveniently located in close proximity to several major employment centers including the Denver Tech Center (DTC), Cherry Creek, Downtown Denver, Fitzsimons Life Science District and the Lowry redevelopment area. Major renovations for a portion of the property were completed in 2007; however additional renovating and the improving marketplace makes Alta Springs attractive for both the value-add or long term investor.
THE STORY
• Exceptional property characteristics and amenities: Park-like grounds with swimming pool, spacious floorplans, in-home washers and dryers in every unit, large balconies and available garage parking.
• Strategic location: proximity to light-rail station (1.5 miles), major highways (I-25 & I-225), The Denver Tech Center, Cherry Creek, Downtown Denver, Fitzsimons, Lowry and Cherry Creek State Park.
• Excellent brick construction with limited capital needs
• Proven value-add opportunity: In 2007 68% of units were renovated, all roofs were replaced, boilers were refurbished and the clubhouse was rehabbed. Additional value-add lies in completing renovations on the remaining units.
• Market fundamentals: Denver is enjoying strong forecasted employment and rental growth forecasted to continue over the next several years.
• Ability to utilize today’s attractive below market debt
PRICING
The pricing of Alta Springs will be determined by the market.
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9888 E. Vassar Drive
Denver, CO 80231