Alvista Towngate - Moreno Valley, CA
December 01, 2014
Press Release: Phoenix Realty Group Acquires 613,800-Square-Foot, 600-Unit Apartment Complex in Denver Metropolitan Area
AURORA, Colo. and NEW YORK – Dec. 1, 2014 – Phoenix Realty Group (PRG), a national real estate owner, operator and fund manager headquartered in New York City, has announced the acquisition of Chelsea Park Village, a 600-unit multifamily property located at 11850 East Maple Ave. in Aurora, Colorado.
Located in the Denver metropolitan area approximately nine miles east of the city center, the complex is located in close proximity to redevelopment areas and major employment hubs that together provide more than 100,000 jobs within the industries of aerospace, energy, bioscience, defense and technology. These hubs include the Denver Tech Center (DTC) to the south of Chelsea Park Village, the Lowry Redevelopment Area to the west and the Stapleton Redevelopment Area and Fitzsimons Lifescience Campus to the north.
“With its close proximity to Highway 225 and the expanded Denver RTD light rail system that will open in 2016, the property is situated in a key area with great potential to meet the expanding needs of the market,” said Keith Rosenthal, president of PRG. “Denver has proven to have a dynamic economy, and this complex provides housing to the area’s growing population in a unique and expansive campus-like setting, distinguishing it from other apartment communities in the area.”
Situated on approximately 47.5 acres, Chelsea Park Village is currently 97 percent occupied and consists of 47 residential buildings. Of the buildings’ 600 rental units, configurations include one-bedroom/one-bath, two-bedroom/two-bath and three-bedroom/two-bath floor plans, ranging in size from 650 to 1,400 square feet. Units are on average 20 percent larger than comparable rental properties in the area.
Amenities include a renovated clubhouse and leasing center, heated swimming pool and spa with a surrounding patio seating area, splash park, two saunas, fitness center, turfed soccer field, baseball field, basketball court, dog park and a new playground. Various recreational areas, including the Aurora Hills Golf Course and a range of parks, are located nearby as well.
As the new owner, PRG expects to upgrade the property’s amenities, adding new signage, enhancing common areas and improving landscaping to provide a more sustainable environment and an upscale living experience across the property. A unit upgrade program will build upon PRG’s deep experience in value-added multifamily property renovations, focusing on kitchen and bath upgrades, appliances, flooring, lighting and hardware in select units.
Sandler O’Neill + Partners, L.P. served as financial advisor and sourced joint venture equity for PRG in the acquisition. David Potarf and Dan Woodward of CBRE represented the seller in the transaction and procured the buyer.
About Phoenix Realty Group
Phoenix Realty Group is a national real estate owner and operator providing capital and expertise for the development and operation of rental and for-sale residential properties, low-income tax-credit housing, and mixed-use and commercial projects in urban areas across the United States. PRG currently manages $1.5 billion in assets and 11,000 apartment units across the nation. PRG principals have invested in more than 1,000 multifamily properties representing approximately 130,000 apartment units and $12 billion in real estate over 30+ years.