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12/02/14
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Phoenix Realty Group closed on a major, institutional-quality multifamily buy in the Denver area. The NYC-based firm acquired Chelsea Park Village, a 600-unit property located at 11850 East Maple Ave in Aurora, CO. Chelsea Park Village is situated on over 47 acres in the Denver metropolitan area, roughly nine miles east of the city center. The transaction value was not disclosed.
Chelsea Park Village is currently 97 percent occupied and consists of 47 residential buildings. The complex offers a range of unit configurations including one-bedroom/one-bath, two-bedroom/two-bath and three-bedroom/two-bath floor plans, ranging in size from 650 sf to 1.4k sf. Units are on average 20 percent 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.
The property 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 (DTC) 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.
“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,” said Keith Rosenthal, president of PRG. "Denver has proven to have a dynamic economy, and this complex provides housing to the area's growing population in a unique and expansive campus-like setting, distinguishing it from other apartment communities in the area."
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, L.P. 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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