Westminster Residential Rental Community Sells For $82M
San Francisco-based Hamilton Zanze acquired the Environs residential rental community in Westminster from Seagate Associates in a deal valued at $82M.
The property, at 3323 West 96th Circle, was built in 1984 as a master-planned, for-sale community. Today it offers 318 units for rent, including 110 condos, 94 townhomes, 71 patio homes and 43 single-family homes on 27.33 acres. Amenities include a renovated clubhouse, a fitness center, two outdoor pools, a sports court and a playground.
“Environs is a truly unique property that fills a niche for a single-family home experience with the price and flexibility of renting,” said CBRE Senior Vice President Matt Barnett, who, with Dan Woodward and David Potarf, represented San Rafael, California-based Seagate. “It’s particularly appealing to long-term residents and families hesitant to embark on homeownership as housing prices in metro Denver continue to escalate.”
Since 2007, Westminster homes have appreciated rapidly, with single-family homes up 65% and condos up 73%, according to Zillow.
Unlike renting a home from a private owner, residents at Environs benefit from professional management, maintenance-free living and capital improvements in common areas, Barnett said.
“Significant upgrades can be made to the unit finishes and under-used basement spaces to continue to offer a superior resident experience and add value to the investment,” Barnett said.
