Denver-Area Apartments Command $40M
- Oct 16, 2018
Hamilton Zanze has acquired the Keystone Apartments, a 208-unit multifamily in Northglenn, Colo., from the Aukum Group, for $39.5 million. ARA, a Newmark Company, represented the seller in the deal.
“Keystone Apartments presented an opportunity to buy a well-located, light value-add deal,” David Nelson, Hamilton Zanze’s managing director of acquisitions, said in prepared remarks. “We love the Northglenn submarket and are excited about continuing our expansion in the Denver metro area.”
At 157,004-square feet, the community offers one- and two-bedroom units featuring stainless-steel appliances, vaulted ceilings, walk-in closets and private balconies and patios.
Amenities include a resident clubhouse, a fitness center, indoor multi-sport court, a pool, and outdoor barbecue areas. The community also offers mountain views.
Located at 12150 Race St., approximately 15 minutes north of Downtown Denver and 20 minutes southeast of Downtown Boulder, the Keystone Apartments are also less than a mile from the upcoming 124th Avenue/Eastlake light rail station, opening next year. Additionally, the property is within close proximity to the new 2.4 million-square-foot Amazon fulfillment center.
The city of Northglenn is located in Denver’s Adams County, the fifth most populous county in the state.
Upgrades Are Coming
Constructed in 1986, the property has undergone numerous renovations over the years. Hamilton Zanze is planning to add to the community’s amenities, bringing in a dog park, improving the landscaping and updating its fitness equipment. Unit interiors will be updated as well, with new countertops, flooring, fixtures and cabinet pulls.
Mission Rock Residential will take over as property manager.
In September, Hamilton Zanze acquired Environs, a community in Westminster, Colo., which consists of 318 rental units comprising 110 condos, 94 townhomes, 71 patio homes and 43 single-family homes, for $82 million.
Image courtesy of Hamilton Zanze