Phoenix Realty Group Expands in Colorado
- Apr 15, 2019
Phoenix Realty Group has added to its residential portfolio in Colorado by acquiring a 280-unit rental community in the up-and-coming city of Fort Collins. The multifamily real estate investor purchased Argyle at Willow Springs, a Class B apartment property roughly 65 miles north of Denver, through an affiliated entity.
Phoenix will operate the community at 2002 Battlecreek Drive and plans to renovate and upgrade the property. Argyle at Willow Springs will be rebranded as Alvista Harmony under the company’s Alvista Communities brand. Built in 1999, the community is currently 95.7 percent occupied, according to Yardi Matrix data.
The property consists of 16 three-story buildings across an 18.7-acre site and provides amenities including a leasing center, 24-hour fitness center, newly remodeled clubhouse, and pool and sundeck. Units come in layouts ranging from one to three bedrooms.
“Given the strength of the local economy and robust job opportunities, Fort Collins is a compelling city for renters of all ages,” commented Alex Saunders, managing director of acquisitions for Phoenix’s western U.S. region in a prepared statement.
Fort Collins, Colorado’s fourth-largest city, is home to Colorado State University—which has more than 30,000 students—and operations of major tech firms including Intel, Hewlett Packard Enterprise, and Broadcom. The city’s population is expected to double by 2050, according to an official 2017 estimate.
Phoenix ventures beyond Denver
The deal brings Phoenix’s Colorado portfolio to three properties totaling more than 1,000 units. Phoenix also owns Alvista Falls, a 444-unit community in Westminster it acquired in 2015, and Alvista Trailside, a 312-unit property in Englewood it picked up in 2017.
The company previously sold two properties in the Denver area totaling nearly 700 units, including Aurora Hills Apartments (formerly Chelsea Park Village), a 600-unit community that Phoenix bought in 2014 in partnership with Starwood and sold to Oak Coast Properties in 2017.
Phoenix focuses on value-add, new construction, and affordable housing strategies and had about $1.4 billion in gross real estate assets under management as of year-end 2018.