SARES•REGIS Multifamily Value-Add Fund III, L.P. (SRMF VA-III) acquired Waterford RiNo Apartments (“Waterford”) in Denver, Colorado. The property is located in the trendy River North Arts District (RiNo), known for its hip lifestyle, charming restaurants, contemporary art galleries, and brewpubs. The property fronts Brighton Boulevard, a major thoroughfare connecting this north side of RiNo directly with Denver’s CBD. As one of the nation’s hottest job markets and fastest growing technology hubs, Denver continues to attract a wide variety of companies choosing to relocate or co-located throughout the metro area.
Built in 2012, this 301-unit apartment community features two, 4 and 5 story buildings comprised of studio, one-bedroom, and two-bedroom floorplans offering eighteen different floorplans. Community amenities include a pool, spa, two outdoor lounge areas, a rooftop deck, fitness center, business center, resident lounge, and a multi-level garage.
Featuring newer units with contemporary floorplans that have not been updated since construction, the property provides SRMF VA-III an opportunity to acquire a sizable community in a desirable, growing, and exclusive submarket with significant opportunity to execute a successful value-add renovation program. With the acquisition of Waterford, SRMF VA-III completes its investment program.