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.

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Phoenix Realty Looks to Growing Rental Market

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