Magnolia Ridge represents TruAmerica’s sixth acquisition in the Denver market and first acquisition of 2017. Magnolia Ridge is an institutional-quality asset that was purchased on an off-market basis and at a significant discount to replacement cost. Magnolia Ridge represents a true value-add opportunity as most of the units are in the original state and have not undergone a renovation program to date. TruAmerica plans to upgrade all interior units with new appliances, counter tops, vinyl flooring in the common areas, and lighting and plumbing fixtures in order to achieve an attractive return on cost. Furthermore, TruAmerica plans to renovate the community amenities and exteriors by upgrading the pool furniture, fitness center equipment, landscaping, signage, lighting, and paint in order to enhance the curb appeal of the property.
Magnolia Ridge is a 287-unit property located in the preferred Thornton/Northglenn submarket that was built in two phases. 61% of the units were built in 1984, while 39% of the units were built in 1999. Approximately 24% of the units have lofts, adding an attractive unit amenity not found at any other asset in the immediate submarket. All of the units feature full-size washers/dryers, central heat/air conditioning, and walk-in closets, while select units have vaulted ceilings, wood burning fireplaces, and lofts.
Magnolia Ridge is situated in an outstanding location as it is 15 miles north of downtown Denver and eight miles east of Broomfield. The property is in close proximity to Denver’s major employment and retail centers. Magnolia Ridge is approximately one mile from a future light rail station (Eastlake Station) that is expected to be completed in 2018 and provide easy access to downtown Denver, Denver International Airport, and other major attractions. The property is next door to a retail plaza anchored by Walgreens and Kohl’s. In addition, Magnolia Ridge is part of the highly acclaimed Adams County School District 12.