Denver Student Housing Asset Sells for $41M
Renovations are planned as part of the new owner’s value-add strategy.
Vista Denver exterior. All images courtesy of Amplify Development Co. 
Vista Denver outdoor terrace. All images courtesy of Amplify Development Co. 
Vista Denver bedroom rendering. All images courtesy of Amplify Development Co. 
Vista Denver kitchen rendering. All images courtesy of Amplify Development Co.
Amplify Development Co., alongside an undisclosed joint venture equity partner, has acquired Vista Denver, a 284-bed student housing property in Denver, for $41.3 million. The Preiss Co. sold the property, previously acquired in 2014 for $25.4 million, Yardi Matrix data shows. Union Bank & Trust Co. financed the latest acquisition with a $26.9 million loan, set to mature in 2027, according to the same data provider.
Senior Director Nick Steele and Director Tyler King of Berkadia Denver represented Amplify Development in the sale and secured its equity partner.
Completed in 2009, Vista Denver comprises a nine-story building and 84 units with two-, three- and four-bedroom floorplans, averaging 1,099 square feet. Community amenities at the pet-friendly property include a business center, a fitness center, a study room, a TV lounge, an outdoor fireplace, grilling stations and a pool table.
Located at 1920 S. University Blvd., the community is within walking distance of the University of Denver campus, less than half a mile from the institution’s soccer stadium and next to several dining options. Interstate 25, connecting it to Denver city center, is less than half a mile from the asset.
Value-add improvement plans
The asset will undergo renovations, as part of the company’s value-add plan. Amplify plans to revamp all unit interiors by adding new appliances, countertops, cabinets and furniture, as well as by upgrading the common area and reducing energy use. Capstone Management Partners will oversee property management for Vista Denver.
The firm wants to continue its expansion in Colorado and broader Denver for years to come, due to the potential growth in the market, mentioned Managing Director & Co-founder Alec Paddock in a prepared statement.
Currently, the company’s portfolio includes 10 student properties across several markets, both value-add properties and ground-up developments. The firm also partnered with Core Spaces for the development of Hub Fullerton¸ a 1,047-bed student project in Fullerton, Calif., expected in 2025.
