News

Aurora, Colorado – September 15, 2022 – Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor, operator and developer, purchased Axis at Nine Mile Station jointly with a third party family office and discretionary affiliated investment vehicles. The property is a 336-unit Class B multifamily apartment community located at 3257 S Parker Rd. in Denver, Colorado, in the north-central part. It sits just east of the Rocky Mountains and is the capital and largest city in the state.  PRG will operate the rental community and plans to renovate, upgrade and modernize the property to offer an attractive option for tenants in the area. In addition, the property will be rebranded with a new name (currently anticipated to be Alvista Nine Mile to reflect and promote PRG’s proprietary brand of apartment communities.

Completed in 1980, Axis at Nine Mile Station consists of two seven-story garden apartment buildings, occupying a 8.8-acre site. Unit configurations include 116 one-bedroom/one-bathroom units (34.5 percent) and 220 two-bedroom/two-bathroom units (65.5 percent). The property is located in Southeast Denver at the prominent intersection of I-225 and Parker Road. This highly amenitized property offers suburban walk-ability to the Nine Mile Light Rail station as well as the ongoing redevelopment of The Point at Nine Mile Station which is set to include a mix of retail, residential, and Class A office space. Centrally located to Downtown Denver, DIA, Anschutz Medical Campus, and the Denver Tech Center Corridor, Axis at Nine Mile Station provides residents with exceptional ease of access to major employment centers via the RTD Park-n-Ride, light rail station, and major highways. Additionally, residents have access to an abundance of outdoor amenities within a 10-minute walking distance including over 40 miles of the Cherry Creek Trail, 8,000+ acres of the Cherry Creek State Park and Reservoir, and the Kennedy Park and Golf Course.

Common amenities include upgraded fitness centers, dog park with agility course, year-round indoor pool and resort-style outdoor pool with a sundeck, racquetball court, retro game lounge; The Axis Arcade, outdoor fireplace and grilling stations, covered playground, central park with cabanas, residential social lounge.

PRG is implementing a strategic value-add initiative designed to elevate the property’s appeal and functionality. This effort includes operational improvements, comprehensive interior renovations, and significant upgrades to shared amenities. Key components of the plan involve rebranding the community with a new name and signage, revamping the leasing center, and transforming the clubhouse into a modern, resident-focused space. Additionally, a state-of-the-art fitness center will be introduced to align with the expectations of today’s renters. The overall goal of the repositioning is to deliver a modern living environment that reflects current lifestyle trends and resident demands.

“We are excited to expand PRG’s presence in the Denver metropolitan region and implement our capital improvement plan for the property,” said Keith Rosenthal, president of PRG. “We believe there is a significant opportunity to improve the property value, attract new tenants looking for state-of-the-art amenities and contemporary apartment units and execute on operating improvements and energy efficiency programs to create expense savings.”

With a thriving economy, the unemployment rate in the Denver area is below the national rate and employment growth is expected to continue from 2017 to 2021, according to Axiometrics. The Denver metropolitan area is attractive to renters of all age groups, especially Millennials, due to a high quality of life from a wide range of employment, educational and recreational opportunities including good schools, numerous outdoor and sports-related offerings and an attractive climate which embraces snow in the winter and sunshine approximately 300 days each year.

About Phoenix Realty Group

Phoenix Realty Group LLC (www.phoenixrg.com) is a 25-year old private equity real estate investment firm focused on multifamily residential properties in higher barrier-to-entry and infill markets. The firm is headquartered in New York City with investment and asset management personnel in California and Florida. The firm has three business lines: value-added, new construction and affordable housing. In its value-added strategy, PRG’s goal is to acquire, renovate and reposition Class A and B urban and suburban multifamily properties in primary and secondary metropolitan areas to increase both ongoing cash flows and overall property appreciation. As of June 30, 2025, PRG manages approximately $2.25 billion in gross real estate assets and approximately 10,000 apartment units across the U.S. PRG’s principals have on average nearly 30 years of successful experience in multiple investment cycles and an investment track record of more than $12 billion of assets, over 1,000 properties and 130,000 multifamily rental units.