 |
| Asbury Plaza Apartments, Denver, CO |
DENVER, CO -- 29th Street Capital (29SC) has acquired Asbury Plaza Apartments, a 110-unit
rental community located in the southeast submarket of Denver, Colorado.
The multifamily
property resides in an infill location central to many of Denver's employment,
retail and entertainment hubs.
It is located
immediately east of I-25, within walking or bicycling distance of a pedestrian
bridge – scheduled for completion this year – that leads to the RTD Colorado
light rail station.
29SC plans to invest approximately $850,000 ($7,700 per
unit) to improve the property.
The firm will upgrade the roof, windows, landscaping,
corridors and resident amenities, including the BBQ area and rooftop deck.
New appliances, countertops, fixtures, lighting and flooring
are planned for the interiors. Exterior work will be finished within six months
and the interior work will be completed as tenants vacate.
“Our goal is to position Asbury Plaza as a convenient and
updated rental option for residents seeking moderately-priced apartments in the
booming Denver market,” said Todd
Jaycox, Senior Vice President of Acquisitions for 29SC.
“We intend to invest
in the asset, manage it more proactively, and take full advantage of its
central location within the Denver MSA. Asbury Plaza is well-maintained, and
will benefit greatly from strategic value-add improvements designed to
modernize it and increase its appeal.”
For a complete copy
of the company’s news release, please contact:
Terri Thornton
No comments:
Post a Comment