- acquisition date December 19, 2016
- December 19, 2016
- address1550 Raleigh Street, Denver, CO
- 1550 Raleigh Street, Denver, CO
- number of units369
- square footage274,476
In December 2016, CLP acquired Regatta Sloan’s Lake (rebranded from Alexan Sloan’s Lake), a 369-unit rental property located in Denver, CO. Built in 2016, the property features first class amenities, including an expansive resident clubhouse with a lounge area, community kitchen, conference room and media room, two outdoor courtyards with a resort-style pool, outdoor movie wall, grill areas with fire pits, a fifth-floor amenity deck, a fitness room, and a dog wash room. Units are equipped with luxury finishes such as granite countertops, undermount stainless steel kitchen sinks, wood-style plank flooring, stainless steel appliances and Sonos Bluetooth speakers.
The property is the centerpiece of a larger redevelopment of a 19-acre former hospital campus. When completed, it will include up to 150,000 square feet of office, retail, and for-sale luxury condominiums.
Just one block from Sloan’s Lake Park and the 177-acre park surrounding it, the property offers immediate access to walking, jogging, biking, kayaking, fishing, boating, and water-skiing – appealing to both Millennials and “Empty-Nesters” seeking active lifestyles in a modern yet bucolic setting.
Forbes ranked Denver as number one on its “Best Places for Business and Careers” list for the second-straight year in 2016, and U.S. News and World Report chose Denver as first place in its “Best Places to Live” rankings in 2016. The Denver metro area is poised to grow to 4 million residents – a 30-percent gain over the next 25 years. Denver’s office vacancy rates are near their lowest levels in 15 years, while average multifamily rents continue to trend upward.
CLP intends to implement an asset–intensive management strategy to capitalize not only on the core strength of the Denver market, but the accelerated growth of this particular submarket. The property has been well-received by the market, but the unit finishes leave room for future improvement. As short-term upside, CLP plans to test the market with minor unit upgrades such as different cabinet hardware and backsplash options.