Avesta Announces Acquisition of Luxury Denver Apartment Community

Denver, CO
Sep 2017
News

Denver, CO – Avesta Communities, a Tampa based multifamily investment and management firm, has made a significant investment in the Denver area with the recent acquisition of the 276-unit luxury apartment community Altitude Westminster, formerly known as 9100 Vance. David Martin and Pamela Koster, Mountain States Regional Partners of Moran & Company, represented the seller Waterton in the transaction. The sale closed on September 7th, 2017 at contract price and four days ahead of schedule.

Built in 1994, Altitude Westminster is a 276-unit garden-style apartment community located at 9100 Vance St. in the sought-after suburb of Westminster. The community consists of 12 walk-up breezeway buildings with unit sizes ranging from 560 to 1,020 square feet across six distinct floor plans featuring a mix of one and two-bedroom layouts. Community amenities include a coffee bar, indoor jogging track and basketball court, outdoor volleyball court, and heated swimming pool. Situated along the 36 Corridor just one block east of Wadsworth Blvd., the community enjoys convenient access to the high-tech hub of over 700 firms, a robust mix of retail and dining options in the future Downtown Westminster Redevelopment, and attractive recreational amenities such as Westglenn Park and Standley Lake.

Avesta’s Joshua Minix noted that “Denver is a diverse and healthy market, and we’re excited about the prospects for Altitude Westminster as Westminster continues to grow and attract new businesses and entertainment amenities.”

Moran & Company’s David Martin noted that “the property is certainly well-positioned for future rent growth due to its vintage and desirable location in Westminster, particularly in light of the growing job market and the Downtown Westminster Redevelopment.”

About Avesta: Avesta has acquired nearly 14,000 apartment homes throughout Florida, Texas, and Colorado. Avesta’s vertically integrated business handles acquisitions, property management, construction and portfolio management in-house. Avesta’s mission is to give people a home where they can live abundantly and create more community in the world. By striving to be the world’s most resident-focused company, Avesta creates lasting value and serves each of its stakeholders: teammates, investors, vendors, communities, and most importantly, its residents.

About Waterton: Waterton is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995, Waterton executes value-add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. Since its formation, the company has acquired over $6.2 billion in real estate assets. Waterton is privately held and is headquartered in Chicago with regional teams throughout the United States. As of March 31, 2017, Waterton’s portfolio includes approximately $3.4 billion in real estate assets, including 39 multifamily investments totaling over 13,000 units and 11 hotels with more than 2,500 rooms. Visit Waterton’s website: www.waterton.com.

About Moran & Co: Moran & Co. (www.moranandco.com) is a Chicago-based transaction services firm specializing in the sale of institutional-quality multifamily properties including Class A and value-add opportunities. Moran has offices in Irvine, Calif., Dallas, Chicago, Denver, Seattle, Washington D.C. and Atlanta.

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