Acquisition Philosophy: To Give the Renters What They Want
- Apr 02, 2015
Denver—Mill Creek Residential is renovating its newest acquisition, the Heritage Creek apartment community, which features 324 apartment homes in the Denver metro area.
“Heritage Creek is a well-located apartment community along the popular Cherry Creek Trail that presents a significant value-oriented opportunity in the growing Cherry Creek submarket in Denver,” Wesley Dickerson, Mill Creek Residential’s senior managing director of acquisitions, told MHN. “Mill Creek’s acquisition philosophy is to acquire high-quality communities with redevelopment potential in irreplaceable locations in markets where we’re actively developing new communities.”
Heritage Creek represents an excellent fit both for its Denver location—where Mill Creek Residential has 827 apartments in development—and product type. The company is updating the apartment homes and amenities to provide the modern luxury lifestyle it feels today’s residents want in an apartment community.
“The renovation package will modernize the living experience with updated amenities and upscale features that will transform Heritage Creek into a luxury Class A apartment community,” Dickerson said.
Among the renovations will be an upgraded pool area, new fitness equipment, improved landscaping and an upgraded lighting package. Inside the apartment homes, residents will receive upgrades to the kitchen and bath cabinetry, granite countertops, stainless steel appliances and modern lighting and plumbing packages.
Amenities will include USB ports in outlets, immediate access to the Cherry Creek Trail, a modern fitness studio, a resort-style pool, bicycle rentals, and a dog park.
Only 15 minutes from downtown Denver, Heritage Creek is also a walkable neighborhood, where residents can live, work and play. The community is surrounded by dozens of restaurants, retail shops, entertainment venues and job opportunities. Plus, it’s a very short drive to the Cherry Creek shopping district, home to even more retailers as well as a number of offices, offering numerous professional jobs.
According to Dickerson, Denver is one of the fastest growing apartment rental markets in the country with an unemployment rate under 4 percent and the fourth highest population growth in the country at 1.59 percent.
“One recent report found that apartment supply isn’t keeping up with the growing demand,” he said. “The Cherry Creek submarket has become a premier place to live for our target demographic, because of several recent retail developments and its proximity to the Cherry Creek shopping district. Those factors combined with our planned renovations that will position it to compete with new product, will make Heritage Creek a very desirable place to live.”