Advenir Acquires $49.1M Denver Community
- Dec 31, 2012
Denver—Advenir, a multifamily real estate investment company, has acquired a 420-unit community in Denver for $49.1 million. The seller was Carmel Partners, who purchased and renovated the property in 2005.
The community, called Advenir@Stapleton, has experienced 6 percent plus effective rent growth year-over-year since 2010, according to Todd Linden, chief acquisition officer, Advenir. With rents currently at $1.18 per square foot compared to newer properties priced at $1.50 per square foot, Linden feels there’s room for further rent growth.
The units include nickel-plated light fixtures, stackable washers and dryers, new vinyl windows and kitchens with cherry cabinets, vinyl hardwood flooring and stainless steel appliances. Additionally, Advenir@Stapleton features a clubhouse for residents.
“Advenir@Stapleton offers high-end amenities and upgraded unit interiors attractive to the young professional renter base that is located throughout the Denver metro area,” Linden says. “That ideal renter demographic, key location and purchase price significantly below replacement cost made this an idea acquisition for us.”