The acquisition of Loretto Heights brings TruAmerica Multifamily’s Colorado portfolio total to approximately 1,700 units. The Property represents TruAmerica’s seventh investment in Colorado and 4th investment in 2019. TruAmerica will undertake a capital improvement program that includes comprehensive interior renovations which will bring the homes to a high-quality spec. Additionally, improvements will be made to common area amenities and building exteriors. Most notable of the amenity upgrades will be the renovation of the clubhouse and fitness center. The exterior renovation program will also include exterior paint, landscaping, upgraded signage, and other renovations that will improve the overall curb appeal of the property. These amenity upgrades will help Loretto Heights compete more aggressively with its competitors.
Loretto Heights consists of 312 apartment homes and was built in 1988. The property features an attractive apartment mix comprised 31% of one-bedroom apartment homes and 69% of two-bedroom apartment homes with floorplans at an average of 944 square feet. Every home has a full-size washer and dryer, private patio or balcony, and central heat and air conditioning while select units have vaulted ceilings and fireplaces. The property also features two resort-style pools and spas, a 24-hour fitness center/yoga studio, shaded barbeque and picnic areas, a business center, a dog wash station, a dog park, and tennis, basketball and sand volleyball courts.
Loretto Heights is located in a hub of local business plazas and lifestyle amenities. For example, campuses for Oracle, United Healthcare, and TransAmerica are all within a 15-minute drive and the E-470 and Lucent Business District is within a 12-minute drive of the property. Several retailers, such as Starbucks and Home Depot, are within walking distance while others like Costco, Super Target, and PetSmart are a 3-minute drive away. Finally, the Property is directly adjacent to the campus of Colorado Heights University, which closed down in 2017. Home of numerous historic buildings, the campus is being redeveloped into a mixed-use campus consisting of retail and dining, with many gathering spots. This development will be the largest in southwest Denver since the 1990’s, and is expected to break ground in late 2019 with delivery expected during our hold period.
*In select apartments