CRA, GTIS Acquire Denver Property
HFF’s Denver team represented the seller in the sale of the 256-unit asset. The garden-style property is situated in the heart of a retail corridor.
By Adina Marcut
Canyon Reserve at the Ranch
Continental Realty Advisors Ltd., in partnership with GTIS Partners, acquired Canyon Reserve at the Ranch Apartments, a 256-unit community located in Westminster, Colo. Managing Director Jordan Robbins and Associate Director Jeff Haag, from HFF’s Denver investment sales, led the team that represented the seller. Managing Director John Simon and Senior Managing Director Brian Carlton of HFF’s debt placement team represented the borrower.
Located at 2890 W. 116th Place, the garden-style property is situated at the heart of the 120th Ave., in close proximity to retail outlets and employment center which includes major international corporations such as Ball Corp., Staples, Google, IBM and Oracle. Canyon Reserve at the Ranch offers convenient access to Interstate 25 and U.S. 36, downtown Denver and is approximately four miles away from the Westminster Mall redevelopment, a 105-acre project with more than 1 million square feet of office space, 700,000 square feet of retail, parks and the potential for a new light rail stop.
Amenities and renovation plan
The 16 two-story buildings offer one- and two-bedroom units ranging in size from 744 to 1,034 square feet. Built in 1984, Canyon Reserve features apartment amenities such as air conditioning, dual stainless-steel sinks, garden soaking tubs, walk-in closets, upgraded kitchens with sleek high-end appliances, wood-burning fireplaces and full washers and dryers.
Common area amenities include:
- state-of-the-art fitness center
- children’s play area
- pet park
- business center
- poolside grill and picnic area
- resort-inspired swimming pool with sundeck
- two clubhouses
CRA plans to upgrade the unit interiors by adding stainless steel appliances, plank flooring, modern lighting, hardware and paint, as well as upgrading the common area amenities. Part of the improvement plan will include new exterior paint, expansion and improvement of the pool surrounds, constructing a new coffee lounge and patio, and the expansion of the existing leasing center. According to data provider Yardi Matrix, the community features an average rental rate of $1,326 and an occupancy rate of 91.0 percent as of August. Back in June, GTIS Partners, in a joint venture with Two Roads Development, retired their $120 million construction loan for The Biscayne Beach, a 52-story tower condominium development in Miami’s East Edgewater neighborhood.
“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,” Robert Ireland, director of Acquisitions for CRA, said in a statement.
Image courtesy of CRA
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