Avesta Communities Enters CO Market
The company plans to implement a renovation plan that includes improvements made to the common amenities and to the unit interiors.
By Adina Marcut
Avesta Communities acquired 9100 Vance, a 276-unit community in Westminster, Colo., marking its first purchase in that state. The company plans to rebrand the property as Altitude Westminster.
Located at 9100 Vance St., one mile from downtown Westminster—a suburb of Denver—in between downtown Denver and Boulder, Colo., the submarket is in close proximity to employment, entertainment, shopping and outdoor activities. The Home Depot, Walmart Supercenter, Costco Wholesale and Best Buy are nearby. Additionally, the Westminster Mall, currently being redeveloped by the city of Westminster into a mixed-use urban community, is situated one mile from Altitude Westminster.
Amenities and renovation plan
The 12 three-story buildings feature one- and two-bedroom units averaging 855 square feet. 9100 Vance offers residents apartment amenities such as:
- walk-in closets
- central heat & air
- fully equipped kitchen
- full-size washer & dryer
Common area amenities include:
- business center
- fitness center
- indoor basketball court
- picnic areas with barbecue grills
- year-round pool with sundeck and spa
- walking trails
- sand volleyball court
The company plans to implement a capital improvement plan by making improvements to the common area and to the unit interiors. According to data provider Yardi Matrix, the community had an average rental rate of $1,424 as of August. Back in April, Avesta purchased Avesta Biscayne, an apartment community in North Miami, Fla.