TruAmerica Multifamily further expands its sizable portfolio in Colorado to 2,247 units with the acquisition of Retreat at Fitzsimons. This property’s acquisition represents TruAmerica’s third acquisition of 2021 and its sixth property in the Denver MSA. The property represents a proven value-add opportunity with 7% of the units sitting fully renovated. TruAmerica will renovate the remaining units to a premium and consistent finish, which will provide significant upside in rents. TruAmerica plans to make targeted, accretive improvements to exteriors and amenity spaces. Potential amenity enhancements and upgrades include refreshing the signage package, playground improvement, fitness center upgrades, and esthetic upgrades to the entry and landscaping. These upgrades will help enhance the overall image and curb the appeal of the property.
Retreat at Fitzsimmons is an institutional quality multifamily community built in 1984. The 256-unit property features an attractive unit mix comprised of one-bedroom (50%) and two-bedroom (50%) apartments with open-concept floorplans and an average unit size of 798 square feet. All homes feature well-appointed kitchens, spacious walk-in closets, air conditioning and heat, and private patios or balconies. Select homes offer vaulted ceilings and full-size washer and dryers. The property is highlighted by a heated pool, pool-side BBQ, grilling station, fitness center, fire pit lounge area, dog park, pet wash station, bicycle repair station, and community playground.
With Fitzsimons Medical District (25,000+ jobs) less than one mile away and immediate access to both I-225 and RTD’s 88-mile light rail system, residents of Retreat at Fitzsimons enjoy unmatched access to over 500,000 quality jobs spread across Colorado’s five major employment centers. The property is also directly adjacent to the Fitzsimons Innovation Community, a rapidly expanding community already home to 71 biotech companies and research facilities. This booming biotech and research hub is the first of its kind and is slated to bring an additional 30,000 jobs to the area upon full build-out. The property is also a short 10-minute drive from the Denver Tech Center, home to the largest employment concentration in Colorado and the broader rocky mountain area. Fitzsimons provides easy access to Denver International Airport via highway or RTD Light Rail for residents who travel frequently.
Retreat at Fitzsimons is also located within minutes of Aurora’s two largest shopping destinations, Aurora City Place and Town Center at Aurora Mall. With a combined 1.9 million square feet of retail space, these two centers are home to a broad range of national brands, offering residents of the property convenient access to both daily needs shopping and sought-after destination retail. Key retailers include Target, Macy’s, Sam’s Club, Walmart, Starbucks, and PetSmart. In addition to these two centers, the property is located next to daily essentials such as King Soopers grocery, Ace Hardware, and many local restaurants.