Waterton Acquires Denver Greenwood Plaza
The multi-building property is located in close proximity to the Denver Tech Center. The company plans to implement a renovation plan that will include adding new flooring in kitchens and living areas as well as carpeting in bedrooms.
By Adina Marcut
Greenwood Plaza, a 266-unit community located in Centennial, Colo. changed hands. Waterton acquired the property from Starwood Capital Group. The sale price was undisclosed, however, according to Yardi Matrix, the asset became subject to a $46,5 million loan, held by Freddie Mac.
Built in 1996 and located at 7610 E. Caley Ave., the community consists of 14 buildings with one-, two- and three-bedroom units ranging from 725 to 1,330 square feet. Interior amenities include fully-equipped gourmet kitchens with stainless appliances, private balconies, and nine-foot ceilings. Common area features include a clubhouse, a media room, a business center, a fitness center, heated swimming pool, hot tub, free Wi-Fi and an outdoor grilling area.
The company plans to renovate 166 units, after the previous owner partially renovated 100. As part of the improvement plan, Waterton intends to add new flooring in kitchens and living areas, as well as carpeting in bedrooms.
Location, Location, Location
Situated adjacent to Fiddler’s Green Amphitheater, the largest outdoor amphitheater in the Denver area, Greenwood Plaza is near Interstate 25 and approximately two miles southwest of the Denver Tech Center. “Greenwood Plaza is in a prime location near major employers, public transit and within walking distance to several strong retail centers including Greenwood Retail Plaza, Heritage Place Shopping Center and Arapahoe Marketplace,” Mark Stern, senior vice president of acquisitions at Waterton, said in a statement. “The Centennial community offers a great deal to its residents, including the expansive Cherry Creek State Park, golf courses, a state-of-the-art recreation center and the K-12 Cherry Creek School District, one of the highest-achieving districts in Colorado.”
Image courtesy of Yardi Matrix