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Cushman & Wakefield is pleased to announce the exclusive listing of Arabella, a 156-unit apartment community located in Denver, Colorado. The property is located in the heart of the Denver Tech Center, at the gateway of metro Denver’s largest job center, the Southeast Business Corridor. Residents of Arabella are withing walking distance of countless retail amenities, major employers and the Belleview Light Rail Station. Originally built in 1980, Arabella is a well-maintained property in a Core-quality location. Current ownership purchased the property in 2007 and spent $815,000 in renovations between 2007-2009 that included updating the clubhouse, fitness room and unit interior upgrades including new appliances, light fixtures, flooring and paint.
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Arabella
156 Units
4982 S. Ulster Street
Denver, CO  80237
Closed: 8/30/2013
Kennedy Ridge represents a one-of-a-kind opportunity to purchase 959 apartment units in the southeast Denver submarket. The property features large one and two-bedroom floor plans in a park-like setting adjacent to the picturesque 27-hole John F. Kennedy Golf Course. Situated just a few blocks 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. Residents of Kennedy Ridge are also in close proximity to several major employment centers including the nearby Denver Tech Center (DTC), and are surrounded by several major redevelopment areas. While current ownership has invested in capital improvements that will be attractive to long-term investors, we believe there is also a significant value-add opportunity.
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Kennedy Ridge
959 Units
10700 East Dartmouth Ave
Denver, CO  80014
Closed: 12/1/2012
Built in 1998, Legacy Heights is an exceptional 384-unit apartment community with well designed floor plans and an upscale amenity package. Located in metro Denver’s northwest region, residents enjoy a quiet suburban lifestyle out of the busy city-centers with easy access to several parks, golf courses and extensive open space. Just three miles east of Highway 36 and between both Denver and Boulder, the property is strategically situated in close proximity to several major employment centers and a myriad of dining, entertainment and retail options. THE STORY -Strong suburban location: proximity to I-36 corridor ("energy corridor"), Interlocken and Westminster Promenade - Adjacent to the most desirable Westminster submarket - Exceptional amenities: Clubhouse with fitness center, movie theatre, dog park, business center, hot tub and two heated swimming pools - Attractive neighborhood: Area home values up to $1.5 million within three mile radius - Adjacent to a strong, well located, successful shopping center - Value-add opportunity - please see page 28 in OM for details - Lack of immediate development land, high construction fees and development cost (City & County of Westminster) – Minimum of $20,000/unit - Ability to utilize today’s attractive interest rates
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Legacy Heights
384 Units
2700 W. 103rd Avenue
Federal Heights, CO  80260
Type: Conventional
Closed: 7/1/2012
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 STORYExceptional 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 needsProven 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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Alta Springs
359 Units
9888 E. Vassar Drive
Denver, CO  80231
Type: Conventional
Closed: 12/1/2011
Cushman & Wakefield of Colorado is pleased to announce to qualified investors the opportunity to purchase Turf Club. Turf Club enjoys a premium location in the southern metro area with easy access to Denver’s two major employment centers, the Denver Tech Center and Downtown. Over 143,000 people are employed in a 5 mile radius of the property. The Denver Tech Center/SE Suburban corridor is home to major tenants like Great West Life, Oracle, Jeppesen, and CH2MHill. In addition, downtown Denver is easily accessed via Santa Fe Drive and contains over 25 million square feet of office space employing over 120,000 people. Turf Club’s close proximity to the historical old town district of Littleton provides residents access to the Downtown Littleton light rail station less than a mile to the east of Turf Club. This allows tenants easy access to the entire southwest corridor and downtown Denver and gives residents the ability to work in a major employment center while still enjoying the laid back suburban lifestyle Littleton provides. Turf Club’s location is also near numerous parks, bike paths, lakes, golf courses and open space in Arapahoe and Jefferson County. The southwest submarket is one of the most prohibitive areas in metropolitan Denver to build new apartments. High utility tap costs, impact fees, and some of Metro Denver’s highest land prices make new development in this submarket an expensive undertaking. There is limited property available for future development between the Foothills and I-25, which has increased land costs and pushed newer development to the east side of Denver. Due to the current Capital Markets environment, financing for new construction is very limited and has ceased to exist for most projects not already out of the ground. Cushman Wakefield Sonnenblick Goldman does not believe construction financing will begin again in Denver for at least 24 months. This creates an opportunity for a large increase in rental rates due to the lag between expected job growth over the next four years and the lack of new product coming online. Please contact Pat Stucker or Mark Favro at 303-813-6400 to schedule a property tour or to request more information.
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Turf Club
324 Units
5425 South Federal Circle
Littleton, CO  80123
Type: Conventional
Closed: 9/10/2009
Cushman & Wakefield of Colorado, Inc. is pleased to announce the opportunity to purchase Broadmoor Ridge apartment community in Colorado Springs. Broadmoor Ridge is a 200 unit apartment community featuring spacious units with an average size of 797 sf and three floor plans to choose from. Individual unit amenities include large exterior patios, side-by-side or stackable GE washer/dryers, fully equipped GE kitchens, and spacious closets. The community features a large outdoor pool, barbeque area and clubhouse that was built in 2000. Broadmoor Ridge also resides in Cheyenne District 2 which is consistently one of Colorado Springs top performing school districts. Situated just west of I-25 in the Southwest submarket of Colorado Springs, Broadmoor Ridge lies in the country’s 3rd “Best city to Live” according to Fortune/CNN Money Magazine and is home to many recreational activities. Residents can enjoy easy access to the Garden of the Gods, Pike’s Peak (the inspiration for America the Beautiful), world-class skiing, gold medal fly fishing, hiking, biking and kayaking, all within a short drive. It is also located within walking distance to Cheyenne Mountain Resort. Colorado Springs also has the presence of over 25 Fortune 500 companies which has recently resulted in a number of large business expansions/relocations including Atmel Corporation, CSAA (California State Automobile Association), Cook Communication, Focus on the Family, Ford Credit Regional Service Center, Hewlett Packard, Oracle Corporation, Progressive Insurance, Quantum Corporation, T-Mobile USA Inc., T.Rowe Price Associates Inc., and Verizon Business. Broadmoor Ridge sits at the front gate of Fort Carson and according to the Fort Carson Regional Growth Coordination Plan between January 2009 and August 2012 roughly 11,500 troops will be re-stationed to Fort Carson with a total increase in population estimated at 29,000. By mid-summer Fort Carson is expected to receive the first wave of 6,500 troops being re-stationed and an estimated 10,000 family members. Please contact Pat Stucker or Mark Favro at 303-813-6400 for more information or to setup a property tour.
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Broadmoor Ridge
200 Units
3893 westmeadow Drive
Colorado Springs, CO  80906
Type: Conventional
Closed: 4/25/2009
Cushman & Wakefield of Colorado is pleased to announce the exclusive listing of 9100 Vance, a 276-unit garden-style apartment community located in Westminster, Colorado. 9100 Vance is a well-designed property with beautiful landscaping located in the northwest quadrant of the Denver metro area in the Interlocken submarket. It is situated just over one mile west of Highway 36, metro Denver’s primary thoroughfare between Denver and Boulder. The community features some of the finest amenities in the area including an outdoor heated pool, indoor basketball court, large fitness center and jogging track. Built in 1994, the property recently underwent a minor interior unit renovation at an approximate cost of $3,750 per unit, enabling the seller to increase rents $50-$150 per unit. Because of the strong rental demand in the Interlocken submarket, there still exists the potential to further renovate unit interiors at 9100 Vance to compete with some of the newer mid-2000 vintage product in the submarket.
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9100 Vance
276 Units
9100 Vance Street
Westminster, CO  80021
Cushman & Wakefield is pleased to announce the exclusive listing of an excellent opportunity to acquire 475 units in Denver Metro and Colorado Springs. The Colorado Portfolio consists of two properties located in Denver Metro totaling 216 units and two properties located in Colorado Springs totaling 259 units. Nestled among the trees close to Old Town Arvada, Aspen Point is country-style living with easy access to Denver and Boulder. Located just off Wadsworth Blvd. and W. 58th, Aspen Point is close to numerous retail and shopping centers, as well as minutes away from Downtown Denver. The retail center includes big-box tenants such as Costco, Home Depot, Lowe’s, Sam’s Club, Sport’s Authority, and numerous other retail shops. With easy access to the Rocky Mountains from I-70 and 6th Ave, Mountain Run is located in Lakewood, Colorado between W. Alameda and S. Union Blvd. Mountain Run sits within minutes of numerous job centers, including the Denver Federal Center which employs over 6,200 federal employees and 26 different agencies, making it the largest concentration of Federal agencies outside of Washington, D.C. Citadel Village and Village East both sit in the Rustic Hills Sub-Market of Colorado Springs. Citadel Village is located just off of North Academy and Galley Rd. and in very close proximity to the Citadel Mall and shopping center. Village East sits east of the North Powers and E Platte Ave intersection and just north of the Colorado Springs Municipal Airport. In early November, Frontier Airlines announced plans to build its heavy maintenance hangar in Colorado Springs, which will bring 225 high paying jobs to Colorado Springs. The Army recently announced they will base a newly formed brigade combat team at Fort Carson, bringing nearly 4,900 more soldiers to the post. The new unit would bring the total number of active-duty troops at the Colorado Springs post to nearly 30,000, compared with about 14,500 in 2003.
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Colorado Portfolio
475 Units
Denver Metro & Colorado Springs
Denver & Colorado Springs
Cushman & Wakefield is pleased to present the opportunity to purchase Links at Legacy Ridge, a 232-unit apartment community in Westminster, Colorado. The property is being offered without an asking price and is subject to the assumption of the existing loan. Built in 1999, the Links at Legacy Ridge is a well-designed apartment community with expansive floor plans and an upscale amenity package. Located in metro Denver’s northwest region, residents enjoy a quiet suburban lifestyle out of the busy city-centers with easy access to several parks, golf courses and extensive open space. Just three miles east of Highway 36 and equidistant from both Denver and Boulder, the property is strategically situated in close proximity to several major employment centers and a myriad of dining, entertainment and retail options. Premier Location The Links at Legacy Ridge, with its dramatic mountain views, is a beautifully landscaped community located next to Valley View Park and adjacent to the premier Legacy Ridge Golf Course. The property sits in the city of Westminster amongst 2,850 acres of open space, 55 parks, 4 golf courses and 17 miles of hiking and biking trails. Proximity to Major Employment Centers Links at Legacy Ridge is situated in the northwest region of metro Denver along the Highway 36 corridor, equidistant to major employment centers in both Denver and Boulder. This region is home to the Interlocken Advanced Technology Environment, one of Denver’s premier business parks with over six million SF of office space. The Highway 36 corridor consistently attracts some of the nation’s top aerospace, technology and renewable energy companies. ConocoPhilips, Vestas, Ascent Solar, and General Dynamics are a few of the companies expanding in the area. In fact, ConocoPhillips is developing their world headquarters in Louisville, located just west of the property, which plans to employ over 7,000 workers, making the energy giant the fourth-largest private employer in Denver. Value-Add Opportunity The ownership is currently renovating a sampling of units at an average cost of $4,950/unit and offering them at a $100 premium. Renovations include resurfaced countertops, new appliances, flooring and upgraded light fixtures. Reflecting strengthening multi-family fundamentals in the metro area, newer and recently renovated properties are achieving rental rates 15% greater than those currently achieved at the Links at Legacy Ridge. Discount to Replacement Cost The cost for new construction in the Westminster submarket is in excess of $160,000 per unit. Links at Legacy Ridge has an irreplaceable location in the Legacy Ridge development that cannot be recreated today in other suburban markets.
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Links at Legacy Ridge
232 Units
2710 Bruchez Pkwy
Westminster, CO  80234
Type: Conventional
Cushman & Wakefield of Colorado, Inc. is pleased to announce the opportunity to purchase Mountain View apartment community in Colorado Springs. Mountain View is a 252 unit apartment community featuring spacious units with an average size of 724 sf and four floor plans to choose from. Individual unit amenities include large exterior patios, side-by-side or stackable GE washer/dryers, fully equipped GE kitchens, and spacious closets. The community features a sand volleyball court, hot tub, sauna, indoor/outdoor pool, bbq area, and a clubhouse with a coffee bar. Mountain View also resides in Cheyenne District 2 which is consistently one of Colorado Springs top performing school districts. Situated just west of I-25 in the Southwest submarket of Colorado Springs, Mountain View lies in the country’s 3rd “Best city to Live” according to Fortune/CNN Money Magazine and is home to many recreational activities. Residents can enjoy easy access to the Garden of the Gods, Pike’s Peak (the inspiration for America the Beautiful), world-class skiing, gold medal fly fishing, hiking, biking and kayaking, all within a short drive. It is also located within walking distance to Cheyenne Mountain Resort. Colorado Springs also has the presence of over 25 Fortune 500 companies which has recently resulted in a number of large business expansions/relocations including Atmel Corporation, CSAA (California State Automobile Association), Cook Communication, Focus on the Family, Ford Credit Regional Service Center, Hewlett Packard, Oracle Corporation, Progressive Insurance, Quantum Corporation, T-Mobile USA Inc., T.Rowe Price Associates Inc., and Verizon Business. Mountain View sits at the front gate of Fort Carson and according to the Fort Carson Regional Growth Coordination Plan between January 2009 and August 2012 roughly 11,500 troops will be re-stationed to Fort Carson with a total increase in population estimated at 29,000. By mid-summer Fort Carson is expected to receive the first wave of 6,500 troops being re-stationed and an estimated 10,000 family members. Please contact Pat Stucker or Mark Favro at 303-813-6400 for more information or to setup a property tour.
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Mountain View
252 Units
4085 Westmeadow Drive
Colorado Springs, CO  80906
Type: Conventional
Cushman & Wakefield of Colorado is pleased to announce the exclusive listing of Sommerset Gardens, a 420-unit garden-style apartment community located in Aurora, Colorado. Sommerset Gardens is located near the intersection of Mississippi Avenue and Interstate 225, giving residents immediate access to Aurora’s best employment centers, retail and entertainment amenities. Close proximity to I-225 also provides residents with easy access to the entire metropolitan region including Denver International Airport and the Denver Tech Center. Originally built between 1981 and 1983, the property previously underwent a $4 million renovation, completing much of the required ‘heavy lifting’. Potential investors will have the opportunity to complete additional upgrades to enhance revenue potential.
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Sommerset Gardens
   
 
Cushman & Wakefield of Colorado, Inc. is pleased to announce the opportunity to purchase The Knolls apartment community in Colorado Springs. The Knolls is a 262 unit apartment community originally constructed in 1974, but received a major multi-million dollar renovation in 2006. The 2006 renovation included replacing the exterior siding, updating the roofs, upgrading the clubhouse, upgrading the kitchen cabinets, counters, appliances, fixtures and hardware. Each unit also has either side-by-side or stackable washer and dryers owned by the seller. Situated just west of I-25 on the northeast corner of Uintah St and Gatehouse Cir. The Knolls is located about 1 mile west of Colorado College, 1.5 miles northeast of downtown Colorado Springs and 2 miles southeast of The Garden of the Gods. The Knolls lies in the country’s 3rd “Best city to Live” according to Fortune/CNN Money Magazine and is home to many recreational activities. Residents can enjoy easy access to Pike’s Peak (the inspiration for America the Beautiful), world-class skiing, gold medal fly fishing, hiking, biking and kayaking, all within a short drive. Colorado Springs also has the presence of over 25 Fortune 500 companies which has recently resulted in a number of large business expansions/relocations including Atmel Corporation, CSAA (California State Automobile Association), Cook Communication, Focus on the Family, Ford Credit Regional Service Center, Hewlett Packard, Oracle Corporation, Progressive Insurance, Quantum Corporation, T-Mobile USA Inc., T.Rowe Price Associates Inc., and Verizon Business. According to the Fort Carson Regional Growth Coordination Plan between January 2009 and August 2012 roughly 11,500 troops will be re-stationed to Fort Carson with a total increase in population estimated at 29,000. By mid-summer Fort Carson is expected to receive the first wave of 6,500 troops being re-stationed and an estimated 10,000 family members.
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The Knolls
262 Units
1510 Gatehouse Cir
Colorado Springs, CO  80904
Type: Conventional