Avesta Announces Its First Apartment Community Acquisition in Colorado
TAMPA, Fla., Sept. 23, 2017 : Avesta Communities announced last week that it has completed its acquisition of 9100 Vance, a 276-unit apartment community located on 11 acres in Westminster, Colorado - a suburb located in the Greater Denver market. The community will be rebranded as Altitude Westminster and is the first acquisition for Avesta in Colorado."Avesta is excited about its expansion into the Denver market, specifically Westminster," said Avesta Partner Rachel Ridley. "We believe the market fundamentals and growth outlook in this region align with our investment strategy and offer our investors the opportunity for long-term growth."
Altitude Westminster is located one mile from downtown Westminster, often referred to as the "Silicon Valley of the Rockies." In between Downtown Denver and Boulder, CO, Westminster has close proximity to employment, entertainment, shopping, and outdoor activities which makes it a prime location for apartment living.
There is also new growth planned for the area. The Westminster Mall, located just one mile from Altitude Westminster, is currently being redeveloped by the City of Westminster into a vibrant mixed-use urban community that will serve as a local cultural and economic hub.
This acquisition comes nearly four years after Avesta announced its expansion into Texas. Avesta now owns and operates over 3,000 apartment homes around Texas with support offices in Dallas and Austin.
"Avesta is eager to advance its mission of creating more community in the world by extending its resident focused services to those in Colorado," said Luke Kline, project lead for Altitude Westminster. "The acquisition of Altitude Westminster is a great first step towards achieving our long-term goals in the attractive Denver region."
9100 Vance consists of one and two-bedroom apartment homes and high-quality amenities that include a clubhouse, pool, 24-hour fitness center, and an indoor basketball court. Additionally, Avesta plans to implement a long-term capital improvement plan that will include exterior common area improvements and interior renovations to the apartment homes.