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.
Mountain Vista is a 257-unit multifamily rental property located in the Denver MSA of Lakewood, CO. Located within a twenty minutes’ drive of downtown Denver, the apartment community features an array of amenities including a resident clubhouse, business center, fitness center, two outdoor swimming pools, picnic areas with barbeque grills, dog park, abundant parking, and laundry rooms in each of its seven buildings. Individual units are outfitted with private entrances, gas heating, air conditioning, all electric kitchens, dining room ceiling fans, and free Wi-Fi. The complex consists of 201 one-bedroom, 55 two-bedroom and one three-bedroom units.
The multifamily property offers excellent access to mountain ski areas and is situated only blocks from the RTD Federal Center Light Rail Station (one of the hubs in a comprehensive transit system providing residents traffic-free access to the Jefferson County Government Center), The Belmar Redevelopment, downtown Denver, and the Southeast Business Corridor. RTD Fast Tracks continues to expand its light rail, commuter rail and bus systems to serve the more than 3 million people in the Metro Denver area.
Mountain Vista is less than five minutes from the bustling business corridor of Union Boulevard, adjacent to 6th Avenue in Lakewood. Located within a mile of the property and home to over 2.3 million square feet of office space, the Union Boulevard Corridor offers employment to over 16,900 people with notable tenants in the banking, energy, housing, title, investment, security services and restaurant industries among others. The community’s residents have easy access via the RTD West Rail Line to the Denver Federal Center, another major employment pool of some 13,000 people with the largest concentration of Federal agencies outside of Washington, D.C. Over 60 percent of employment in all of Colorado is located within the seven-county metro region.
Acquired in November 2017, Stratus Townhomes is a 280-unit community located in the northwest Denver city of Westminster, Colorado. The community consists of 140 two-bedroom units and 140 three-bedroom units, all of which are configured as tri-level townhomes with private outdoor entrances. Average square footage is 959 for two-bedroom units and 1,166 for the three-bedroom units, not including approximately 450 square feet of additional space in the basement – a rarity in the metro Denver apartment market.
The property features an array of amenities including an updated clubhouse, Wi-Fi Café, lounge area and fireplace, zero entry swimming pool, barbeque grills, large dog park, and new parking lot and playground. The townhomes are equipped with private entrances and full basements in each unit, full-size washer and dryer connections, gas heating, air conditioning, all electric kitchens and extra storage. Select units feature black appliances, updated cabinets and countertops, wood plank flooring and upgraded lighting packages.
Stratus Townhomes’ prime location offers proximity to world-class entertainment, hospitality and dining. The community is minutes from the RTD Northwest Rail Line at Westminster Station, which provides direct service to downtown Denver and Boulder. Residents can easily access major roadways such as the Denver-Boulder Turnpike (US-36), which connects to the region’s Technology Corridor, often referred to as the “Silicon Valley of the Rockies.”
Boulder is just 20 minutes north on US-36. This hub for notable technology firms and innovative companies is a major employment center with over 123,000 workers. Google is slated to open their Boulder campus in December 2017, which will add 1,500 new jobs.
Recreational opportunities include a regional park offering waterskiing, paddle boarding, kayaking, fishing, cycling and golfing. Nearby Boulder County boasts 43,000 acres of open space with 120 miles of hiking and biking trails.
Stratus Townhomes also is in proximity to the former Westminster Mall, a 105-acre master-planned redevelopment site that is being transformed into an urban-style mix of 1.125 million square feet of retail space and 1 million square feet of office space when completed in 2018.
Acquired in April 2018, The Ranch at Bear Creek is a 201-unit property located in the city of Lakewood, CO, just west of downtown Denver. Built in 1973, the community features 118 two and three-bedroom townhomes, 54 two-bedroom residences and 29 one-bedroom units. Average square footage ranges from 1,270 for the three-bedroom townhomes to 685 for the one-bedroom layouts. Adjacent to an attractive, city-maintained park, The Ranch at Bear Creek features an array of amenities including a remodeled clubhouse, newly constructed state-of-the-art fitness center, two swimming pools and a business center. Other attractions include a spin and yoga room with fitness on demand, an outdoor grilling area with new gas grills, an outdoor lounge with gas fire pit, and a recreation room.
With convenient access to both C-470 and US-285, The Ranch at Bear Creek is within a short commute of some of metro Denver’s largest employment centers, including the Denver Federal Center, which touts the highest concentration of federal agencies outside of Washington D.C. and is directly responsible for employing 6,200+ employees. Lockheed Martin’s Deer Creek facility is eight miles from the property and employs a highly-educated workforce with high-paying engineering and technology jobs in both defense and private contracting. Ten miles east of the property, the SE Business Corridor and Denver Tech Center (DTC) is home to a large concentration of high-paying jobs in the media, professional services, engineering, technology, and legal service sectors. These high-end business parks support:
- 230,000+ employees
- 20,000+ companies
- 30% of Colorado’s GDP
- 34 million square feet of office
Residents of The Ranch at Bear Creek also enjoy close proximity to such retail centers as Wadsworth & 285 Retail, with tenants like Natural Grocers, Planet Fitness, Red Robin, Chipotle, and Kohl’s; Heritage West Shopping Center with Starbucks, Walgreens, FirstBank, and Fiddlesticks Bar & Grill; and South Wadsworth Retail Corridor with Whole Foods, REI, Sam’s Club, Costco, and Sprouts. Less than 10 miles away, the Simon-owned indoor outlet mall and outdoor power center Denver West/Colorado Mills Mall features major tenants that include Forever 21, Saks OFF 5TH, Banana Republic, Target, Bed Bath & Beyond, Cost Plus World Market, and other national retailers. Nearby recreation includes the popular 14.5-milelong paved multi-use municipal Bear Creek Trail and the picturesque Creekside Bear Creek Greenbelt & Bear Creek Lake Park that encompasses 3.5 miles of multi-use paths, picnic shelter, and activities such as fishing, hiking, and geocaching. Four golf courses are within two miles of the property, including the municipally owned and highly regarded Fox Hollow and The Homestead, and Foothills courses, as well as the private, Arnold Palmer-designed Bear Creek Golf Club.
Acquired in November 2018, Lumen Apartments (rebranded from Potala Village by CLP) is a 108-unit rental community located in Everett, WA – approximately 25 miles north of downtown Seattle.
Built to Green Certification, the property features a 3,000 square foot rooftop with breathtaking views of Puget Sound and the Olympic Mountains, as well as controlled access to underground parking across two levels, and a cardio room. Other community features include package receiving, interior elevators, easy access to public transportation, high-speed internet, and a 100% smoke-free environment. Retail tenants include the popular Mazatlán Mexican eatery, a health clinic, and an engineering firm.
Units feature 10 and 12-foot ceilings, in-unit washer/dryer, individual climate control, a dishwasher, panoramic mountain and water views, and eco-friendly Energy Star appliances.
The property is located in Snohomish County, a blend of urban and suburban, white and blue collar, with a well-educated employed workforce of over 400,000.
Northern Snohomish County is the manufacturing center of Washington State. Twenty-two percent of its workforce is associated with manufacturing; over twice the State average. The assembly of commercial aircraft is significant in the local economy with over 41,000 jobs in both The Boeing Company and the associated supply chain. Other nearby employers include the US Navy, Providence Everett Hospital and more within the manufacturing, healthcare, education, and STEM (Science Technology Engineering Mathematics) industries.