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June 17, 2024
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Avanti Residential and Trinity Investors Recapitalize Colorado Res Community


Avanti Residential has partnered with Trinity Investors in the $45 mil acquisition and recapitalization of Sunset Peak Apartment Homes, a 184-unit multi-family community located north of downtown Denver in Thornton, CO. The project, located at 475 Russell Blvd, just off I-25 and Thornton Pkwy, and a 15-minute drive to Denverís central business district, is unique in its townhome design and low density for the local market area.

The venture plans to invest a fresh capital infusion of approximately $5.3 mil for apartment interiors, new amenities and exterior improvements. This will continue the work already begun on 20% of the apartment interiors in 2019-2020 and will reposition the project to offer a higher quality resident experience.

Sunset Peak Apartment Homes features a mix of two- and three-bedroom townhomes amid a spacious greenbelt area on a 12-acre site. Amenities include a swimming pool and splash pad, grilling station and dog park. A new fitness center and upgrades to the pool and playground areas are included in the planned renovation.

Approximately $3 mil of the renovation budget will be invested in apartment interiors, where Avantiís construction team will modernize 147 units ($16.4k per unit) with new lighting fixtures and cabinet fronts, new appliances, luxury vinyl tile flooring and other enhancements. The property will also undergo resurfacing of the parking areas and new roofs on three buildings.

Denver-based Avanti is a fully integrated apartment company that owns and manages approximately 9,000 apartments, roughly 25% of which are in Metro Denver and Colorado Springs, CO. Avanti also has significant holdings in Arizona, Florida, greater Kansas City, and Utah. The firm is selectively acquiring core-plus and value-add apartment projects on behalf of Avantiís institutional and private capital partners.

This transaction is the first investment between Texas-based Trinity Investors and Avanti in the Denver marketplace. The venture was drawn to the attractive basis at $245k per unit when compared to the entry price for new construction, plus the stable and increasing demand for rental housing in a Thornton submarket with a highly constrained development pipeline.

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