TruAmerica Multifamily has partenered with Magnolia Real Estate Fund to acquire Fox Creek, a 287-unit community in Thornton, Colo. The property, which traded for $53 million, marks TruAmerica’s sixth multifamily investment in the Denver area. TruAmerica and the private seller were represented by David Potarf and Dan Woodward of CBRE. TruAmerica financed the acquisition through Freddie Mac’s select sponsor program arranged by Brian Eisendrath with CBRE.
Located at 12220 Colorado Blvd., the property is situated roughly midway between interstates 25 and 76. Fox Creek is in close proximity to many golf courses including Thornton Golf Club and Riverdale Nulls Golf Course. Thornton’s Shopping Center, Denver Zoo, Boondocks Fun Center and Trailwind Dog Park are also nearby.
The community features one-, two- and three-bedroom units averaging 922 square feet. Fox Creek features amenities such as a 24-hour fitness center, two swimming pools, clubhouse, spa and bike shop. The property is also pet friendly.
“Fox Creek represents a true value-add opportunity as the majority of the units, which feature vaulted ceilings, fireplaces and full-size washer/dryers, have been largely untouched,” Greg Campbell, senior managing director of acquisitions and dispositions for TruAmerica, said in prepared remarks. “About a quarter of the units also have lofts, an attractive feature not found at other assets in the immediate area. At our cost basis, we can implement a comprehensive and thoughtful renovation plan that will allow Fox Creek to compete with newer properties in the area and still be affordable to working families.”
The property was constructed in two phases, starting with 1984 and completed in 1999. The company will implement a renovation plan which will include improvements to common areas, pools and decks, clubhouse and the fitness center. The previous owner, Charles Gower, purchased the property for $36 million in 2015 from Asher Investments, according to Yardi Matrix data.
Image courtesy of Yardi Matrix