Fund II Acquires Northglenn, Colorado Multifamily Asset
SARES•REGIS Multifamily Value-Add Fund II, L.P. (SRMF VA-II) is pleased to announce it has acquired Regatta, a 352-unit Class B apartment community built in 2001. Residents within the community enjoy amenities including a pool and spa, sports court, media center and theater, 24-hour fitness and business centers, playground, barbecue area with fire pit, and glorious mountain views.
Regatta is located seven miles north of downtown Denver in the suburb of Northglenn. This submarket has seen a 3.5% annual population growth since 2000, which is more than double the growth of the Denver MSA. The Denver MSA has added 50,000 jobs over the last 3 years. North Denver is becoming an ideal community for commuters who work in downtown Denver, the northern suburbs, as well as the high tech corridor at Interlocken. Regatta is located within one mile of the light rail station set to open 2018. In addition to strong job fundamentals, Northglenn belongs to a five star school district, a myriad of recreational activities and an enviable location near world class shopping and entertainment centers.
Floorplans include one, two and three-bedroom units that feature 9-foot ceilings with crown molding, walk-in closets, washer/dryer connections, storage areas, intrusion alarm systems, built-in shelving, central heat and air, and dishwashers in all units. Select units include private detached or attached garages, vaulted ceilings, gas-burning fireplaces, large oval tubs, microwaves, ceiling fans, and stainless steel appliances.
Previous ownership has focused primarily on capital improvements and, while they have previously implemented minor unit renovations, interiors are outdated and not close to the sophistication that this submarket affords. SRMF VA-II plans on increasing interior specification levels and continuing to enhance Regatta’s community amenities.