Veranda Highpointe

Investment Highlights

Veranda Highpointe is a Class-A+ luxury apartment community that resembles an urban resort, with unique community amenities including a lazy river, and best-in-class interior finishes. This stunning property is ideally located at the geographic center of Denver’s two major employment centers – Downtown Denver and the Denver Tech Center.

The investment demonstrates TruAmerica’s positive view on the strength of the Denver economy and the various renter-centric demographic factors supporting rental product. Veranda Highpointe is a long-term cash flow investment.

Property Highlights

Veranda is an entirely brand new living concept. A collection of residences with curated amenities, mountain views, signature styling and a resort-style setting. Cutting edge amenities, meticulously-groomed grounds, and a dedicated staff contributes to a higher standard of living. Convenient shopping, award-winning schools, local museums, and parks are all close at hand.

Amenities

Magnolia Ridge

Investment Highlights

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.

Property Highlights

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.

Amenities

Loretto Heights

Investment Highlights

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.

Property Highlights

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.

Apartment Amenities

*In select apartments

Community Amenities

Retreat at Fitzsimons

Investment Highlights

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.

Property Highlights

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.

Community Amenities

Apartment Amenities

Village on Cypress

Investment Highlights  

 Village on Cypress represents TruAmerica’s 16th investment in the Denver MSA. The Property is a substantial value-add opportunity as all of the 220 apartment homes remain unrenovated or lightly renovated. TruAmerica will renovate all units to a consistent, premium finish level, creating a high-end feel for future residents. TruAmerica also plans to make targeted improvements to exteriors and amenity spaces. Amenity improvements will include clubhouse renovations, fitness center upgrades, exterior paint, signage, pool furnishings, landscaping, BBQ upgrade in the pool area, dog park renovations and the addition of package lockers. These renovations will improve the current resident lifestyle and foster a more attractive image to prospective renters. 

 Property Highlights 

 Residents benefit immensely from Village on Cypress’s central location, just nine miles from Colorado’s largest job center in Downtown Denver. The Property’s surroundings offer a full array of retail, entertainment, and restaurants options, including Denver’s famous Grizzly Rose, Texas de Brazil, Safeway, King Sooper’s, and a Walmart superstore. The Property offers easy access to major employment centers via connectivity to other major thoroughfares. The Property is approximately 5 minutes and less than 1.5 miles from access to Interstate-25. Additionally, the Property is approximately 2.5 miles from U.S. Highway 36, offering access to some of Denver’s most desirable job hubs along the “Boulder Corridor” including Westminster, Broomfield, and Boulder itself. 

 Village on Cypress’ geographic positioning facilitates favorable access to entertainment, premier retail, jobs and highly-graded schools, providing ample demand for multifamily housing in the Arrowhead submarket. Denver’s Northwest Valley encompasses several large scale employment hubs. The daytime employment count within 10 miles of Village on Cypress exceeds ±400,000 jobs. Residents benefit from proximity to over ±1,300 office-using jobs located within the P83 Entertainment District and adjacent to Arrowhead Towne Center, as well as numerous surrounding hospitals and universities. Village on Cypress also feeds into the Peoria School District, which is an A-rated school district by the Arizona Department of Education. The community is specifically within the boundaries of Apache Elementary School (K-8) and Centennial High School, which both received A grades in the 2019-2020 school year.  

Community Amenities:         

 Apartment Amenities:          

 *Select Units