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Multifamily Buying Spree

Denver

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Multifamily Buying Spree
Advenir is eyeing more apartments to reach its goal of owning 3,000 in the Mile High metro area. (Denver apartments are like Pringles: Once you pop, you just can't stop.)
 
Multifamily Buying Spree
Advenir just picked up Aero Flats at Stapleton, a 420-unit Class-A apartment complex in Stapleton from Carmel Partners for $49.1M (renaming it Advenir@Stapleton). Advenir’s Todd Linden (above in Miami at his March wedding) says the 1970s property received a complete renovation ($48k per unit) in 2006. That positioned it to compete with new Class-A developments sprouting in the city—with rents 40 to 70 cents per SF less than new construction.
 
Brookfield (1801) JDEN
advenir stapleton denver apartments
Including Advenir at Saddle Rock and Advenir at Castle Pines, the company owns 1,600 units in five Denver properties. It’s targeting an additional 1,500 units in the next year or so. Todd says Denver market fundamentals are out-performing most major MSAs. Nothing is under contract—Todd notes a slow down in product offered at the close of 2012—but expect this to change in Q1 2013. (After everyone is sure the world didn't end.)