Colorado Real Estate Journal - November 19, 2014
Advenir, a multifamily real estate investment and management company, picked up 570 apartment units with the purchase of two communities in Longmont. Advenir didn’t release the price it paid for the properties, but industry sources said it was approximately $80 million. CenterSquare Investment Management was the seller. The deal included the former Wyndam Apartment Homes, now Advenir@Wyndam, and Wildwood Apartment Homes, which was renamed Advenir@ Wildwood. Advenir has acquired 1,000 apartment units in the greater Denver area since August and nearly 3,000 units since late 2011. It is actively looking to expand its portfolio. “We are very bullish on the greater Denver apartment market with its strong fundamentals, high barriers to entry and excellent demographics,” said Todd Linden, chief acquisition officer. “The Longmont apartment market has seen yearover-year growth of 7.9 percent and very low vacancy levels of 3.5 percent, providing an opportunity to own an asset in a stabilized market with significant rental upside.” Advenir@ Wyndam is an 18-building, 360-unit community at 2540 Sunset Drive. Built in 1990, it underwent a renovation in 2010 that included comprehensive upgrades to individual units as well as the common areas. The property has 156 one-bedroom, one-bath units and 204 twobedroom, two-bath units. Amenities include a swimming pool, spa, clubhouse, fitness center, carport, access to public transportation and nearby parks. Advenir@Wildwood is a 15-building, 210-unit Class B-plus property at 3226 Lake Park Way. The units, as well as the exterior and common areas, recently were renovated. The apartments feature a loft-style design that is unique to the area, with 126 one-bedroom, one-bath units and 84 two-bedroom, two-bath apartments. Advenir@Wildwood is adjacent to McIntosh Lake, providing tenants with recreational options, and is surrounded by major retail, restaurants, employers and transportation infrastructure. Eric Tupler and Josh Simon of HFF secured Freddie Mac financing for the acquisition. Jordan Robbins, also of HFF, represented the seller. Advenir, headquartered in Aventura, Florida, acquires and operates income-producing assets throughout the United States on behalf of high-networth and institutional investors. Its current portfolio consists of 8,406 units valued at more than $800 million.