AURORA, CO—New York-based Phoenix Realty Group has purchased Chelsea Park Village, a 600-unit multifamily property located at 11850 East Maple Ave. in Aurora, CO. “With its close proximity to Highway 225 and the expanded Denver RTD light rail system that will open in 2016, the property is situated in a key area with great potential to meet the expanding needs of the market,” says Keith Rosenthal, president of PRG.
While the purchase price could not be disclose at this time, Rosenthal tells GlobeSt.com that the firm's “sweet spot is middle-income housing like this. Here, we have an opportunity to be hands-on and make improvements that both benefit our residents and create value over and above market growth.”
Located in the Denver metropolitan area approximately nine miles east of the city center, the complex is located in close proximity to redevelopment areas and major employment hubs that together provide more than 100,000 jobs within the industries of aerospace, energy, bioscience, defense and technology. These hubs include the Denver Tech Center to the south of Chelsea Park Village, the Lowry Redevelopment Area to the west and the Stapleton Redevelopment Area and Fitzsimons Lifescience Campus to the north.
Situated on approximately 47.5 acres, Chelsea Park Village is currently 97% occupied and consists of 47 residential buildings. Of the buildings' 600 rental units, configurations include one-bedroom/one-bath, two-bedroom/two-bath and three-bedroom/two-bath floor plans, ranging in size from 650 to 1,400 square feet. Units are on average 20% larger than comparable rental properties in the area.
Amenities include a renovated clubhouse and leasing center, heated swimming pool and spa with a surrounding patio seating area, splash park, two saunas, fitness center, turfed soccer field, baseball field, basketball court, dog park and a new playground. Various recreational areas, including the Aurora Hills Golf Course and a range of parks, are located nearby as well.
As the new owner, PRG expects to upgrade the property's amenities, adding new signage, enhancing common areas and improving landscaping to provide a more sustainable environment and an upscale living experience across the property. A unit upgrade program will build upon PRG's deep experience in value-added multifamily property renovations, focusing on kitchen and bath upgrades, appliances, flooring, lighting and hardware in select units.
Sandler O'Neill + Partners LP served as financial advisor and sourced joint venture equity for PRG in the acquisition. David Potarf and Dan Woodward of CBRE represented the seller in the transaction and procured the buyer.
"Overall it's a market we really like, but specifically the Chelsea Park complex is quite large—with 600 units—and the property itself is a spacious, beautiful setting,” says Rosenthal. Those two things allow for a level of amenity improvements, which is a key part of our investment strategy that a smaller property might not be able to support.”
Check back in the next day or so for an update on this story, where Rosenthal talks about the firm's primary focus for the property.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
