Avens Point was a part of a two-property, multimarket portfolio purchase and represents TruAmerica’s seventh investment overall in the Denver MSA and tenth investment in 2017. Avens Point is located in the city of Thornton and enjoys an excellent location as it is approximately eight miles from downtown Denver and within a short commute to major employment centers.
Thornton has experienced strong apartment fundamentals and is projected to continue to exhibit favorable apartment fundamentals. Thornton’s population has increased by 14.5% since 2010, rents grew by 11.6% in 2015 and 3.4% in 2016, and current occupancy stands at 94.7%. Axiometrics projects an average rent growth of 3.4% and occupancy above 95% over the next five years.
Avens Point represents a true value-add opportunity as all of the units have not been renovated since a light interior renovation in 2006 by the seller. TruAmerica is well acquainted with the seller as TruAmerica recently purchased a 640-unit property in southwest Florida from the seller in 3Q 2017.
TruAmerica has an established presence in the Denver market as it owns and operates six properties totaling approximately 2,800 units prior to the closing of Montair. Montair is roughly six miles from a property TruAmerica recently acquired in 2Q 2017.
Avens Point is a 319-unit garden style community built in 1984. Montair is situated on 13.1 acres and features an attractive unit mix comprised of one-bedroom units (33%) and two-bedroom units (67%) with generous floorplans at an average unit size of 995 square feet. Approximately 35% of the units have lofts, adding an attractive dynamic not found at competing properties. All units have washers/dryers, private balconies/patios, central air conditioning, walk-in closets, and select units have wood burning fireplaces. Furthermore, the property features a broad array of community amenities that include a swimming pool, tennis court, basketball court, playground, clubhouse with a business center, and barbeque grills.
Avens Point is located approximately eight miles from downtown Denver along the bustling I-25 corridor. The property is within two miles of a nearly completed light rail station and is easily commutable to major employment centers. Major employment centers in close proximity include the Interlocken Tech Business Park (11,700 jobs), the US-36 Corridor (home to Ball Aerospace and Oracle), and the Health One North Suburban Medical Center and Thornton Medical Clinic (4,000 combined jobs).
Avens Point provides an opportunity to improve upon the light upgrades the previous ownership implemented over ten years ago. Anticipated interior upgrades include new stainless “faux” steel appliances, cabinet faces, hard-surface flooring in the common areas, plumbing and lighting fixtures, and resurfaced countertops. TruAmerica will also implement significant exterior upgrades including landscaping, fencing, signage, lighting, and paint to enhance and improve the overall image and curb appeal of the property.