Greystar Expands Denver Holdings

The firm purchased Waterford Place, a garden-style community in Thorton, Colo., with plans to renovate the property’s units and common areas.

2801 East 120th Ave., Thornton, Colo.
2801 East 120th Ave., Thornton, Colo.

Greystar Real Estate Partners has acquired the 336-unit Waterford Place, an apartment property at 2801 East 120th Ave. in Thornton, Colo. The property is a garden-style community developed in 1998.

Greystar will approach the acquisition as a value-add play, focusing on renovating all of the the property’s units and common areas. Unit updates will include the addition of stainless steel appliances, extended plank flooring, quartz countertops, and new lighting. Common-area renovations will involve enhancements to the pool, clubhouse, fitness center, barbecue area, dog park, and sport/tennis court.

“Rent growth in this submarket is one of the strongest in the Denver metro area, and home prices have risen over 35 percent in just the past three years,” said Kevin Kaberna, executive director & leader of Greystar’s U.S. Investment platform. “We see tremendous opportunity to reposition the asset through extensive capital and operational enhancements.”

Denver’s North Suburbs on Growth Trajectory

Thornton, a north suburb of metro Denver, is a growth market within the growth market of the Denver MSA. Since 2010, the suburb’s population has grown by more than 12 percent, to about 136,000, and it is expected to grow another 12 percent by 2021, according to the Colorado State Demography Office.

Recently announced new developments in Thornton include a 2 million-square-foot Amazon Sort and Robotics Center, a 350,000-square-foot Simon Premium Outlets and a new Topgolf facility. Eventually, the city will be connected to downtown Denver via light rail.

Greystar, which has over 420,000 units under management nationwide, is no stranger to the metro Denver market. Currently the company owns more than 1,700 units in the region and manages more than 23,100 others.

Image courtesy of Greystar