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Amenity-Rich Mixed-Use Apartment Community Near Denver, Colorado, on the Market

Thursday, February 25, 2016

HFF has announced a new investment opportunity with Alexan City Center, a mixed-use property combining an apartment community with retail space in the top-performing Denver suburb of Englewood, Colorado.

Alexan City Center Denver The 416,041-square-foot, 438-unit, transit-oriented apartment community features 13,335 square feet of ground-floor retail space. The amenity-rich multi-housing property boasts a residential occupancy rate of 96 percent with an average market rent of $1,453.

Originally built in 2001, Alexan City Center is near the Englewood Station RTD light rail station and is walking distance to major public transit, popular retailers, services and entertainment venues. Current ownership implemented a successful renovation program on approximately 20 percent of the apartment homes, attaining an average premium of $130 more per month in rent over non-renovated apartments.

Competing multi-housing properties near the offering feature substantially higher rents than current rents at Alexan City Center. A tremendous investment opportunity exists with continued property renovations to expand immediate rental revenue growth and dramatically enhance investment returns in one of Denver’s top-performing submarkets.

Multi-Housing Property Investment Benefits

  • Value-Add Multi-Housing Property: Current ownership has renovated +/- 55 units. Combined, these upgrades serve to modernize the property for immediately enhanced investment yields and allow it to compete effectively with newer construction for years to come.
  • Excellent Location Near Retail: Along with favorite local establishments, residents of the apartment community enjoy easy access to the CityCenter Englewood and the River Point at Sheridan shopping centers. Both feature prominent national retailers and exquisite dining experiences.
  • Access to Public Transit: The multi-housing property sits next to the Englewood Station RTD light rail, where residents can travel to popular destinations, including Littleton, downtown Denver, Sports Authority Field, Pepsi Center and the Union Station.
  • Top-Performing Submarket: Englewood and south central Denver offer proximity to jobs and great transportation options with an effective growth rate forecast at 3.7 percent and an occupancy rate of more than 95 percent.

Alexan City Center is a multi-housing property with mixed-use benefits, giving investors an opportunity to establishing a presence within the strong Denver submarket of Englewood, Colorado. For more information, contact HFF Managing Director Jordan Robbins in HFF's Denver office.

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