Hamilton Zanze has acquired the 216-unit Willow Run Village north of Denver for $50 million. The seller, Griffis/Blessing, picked up the asset in early 2013 for $28.2 million, according to Yardi Matrix data. This purchase marks Hamilton Zanze’s second Denver-area acquisition this year. The firm funded the acquisition with a 10-year, $32.4 million Fannie Mae loan originated by CBRE, per Broomfield County records.
Located at 12621 Zuni St. in Broomfield, Colo., the community’s 10 two- and three-story buildings are situated less than two miles west of Interstate 25, providing direct access to downtown Denver. A few shopping and dining options are in the immediate area, and the expansive 120th Avenue retail corridor runs a couple miles southwest.
The 1997-built community offers a mix of one- to three-bedroom units, varying in size from 859 to 1,248 square feet. On-site amenities feature a swimming pool, fitness center, business lounge, spa and playground. The new owner plans to upgrade some of the amenities, including the property’s package locker area and dog park, as well as units’ appliances, flooring and paint. A total of 450 parking spaces are available for residents, with garages offered for an extra monthly charge. The owner has enlisted Mission Rock Residential to oversee asset management.
“Willow Run presents a true value-add opportunity,” said David Nelson, managing director of acquisitions for Hamilton Zanze, in a prepared statement. “We are planning an extensive interior renovation campaign, resulting in a strategically positioned asset in a fabulous location.”
Images courtesy of Yardi Matrix