Fund II Acquires 340 Units in Desirable Denver Suburb
On September 15, 2016, Sares Regis Multifamily Value-Add Fund II, L.P. (SRMF VA-II) purchased The Bluffs at Highlands Ranch, a 340-unit Class B apartment community built in 1994. Located in the affluent South Denver suburb of Highlands Ranch, The Bluffs at Highlands Ranch is just 10 minutes away from Denver’s Southeast Business Corridor, a mile from the proposed RTD Light Rail expansion and directly adjacent to C-470. Highlands Ranch is a master-planned community spanning 22,000 acres approximately 12 miles south of Downtown Denver. The Bluffs and other competitors within the Douglas County submarket have experienced 15% effective rent growth since Q1 2014 due to growing demand and a lack of new supply. The property was purchased for $81,125,000 ($238,603 per unit).
Residents within the community enjoy amenities including a heated pool and spa, clubhouse with a resident lounge, tennis/basketball court, racquetball courts, sauna, and a 24-hour fitness center. The units are spacious and well designed. All floorplans include centralized heat and air, a dishwasher, microwave, full-size washer/dryer, detached garage and private balcony or patio. Select units feature additional storage, pantries, fireplaces, vaulted ceilings, walk-in and linen closets, and Rocky Mountain views.
SRMF VA-II plans on implementing a renovation program for building exteriors, common area amenities and unit interiors to further increase property revenues and allow The Bluffs to offer a higher standard of living within a thriving submarket.