Waterton Associates Closes on Purchase of 276-Unit Community in Westminster
- Oct 17, 2012
Chicago-based Waterton Associates LLC recently closed on the acquisition of 9100 Vance Apartments—a 276-unit apartment community in Westminster, Colo. Located near Highway 36, the metro area’s primary link between Boulder and Denver, the community offers residents accessibility to the entire Denver metro area, the Rocky Mountains and numerous shopping and entertainment venues.
Additionally, the property is one block east of Wadsworth Avenue, offering direct access to the 963-acre Interlocken Business Park—the home of major employers such as Oracle, Ball Corporation and Google.
Built in 1994 by Windsor Development, 9100 Vance features 12 three-story buildings and includes one- and two-bedroom garden-style units. Waterton plans to implement a physical upgrade renovation program, which aims to add value to the property.
“Waterton is excited to add this high quality asset to its growing portfolio,” said Matt Mastiner, senior vice president of acquisitions at Waterton Associates. “9100 Vance’s strong location within a desirable submarket and its attractive amenity package further reinforced our decision to acquire the asset.”
According to a recent report released by Marcus & Millichap, in step with a vacancy-rate decline, rents have risen across the Denver metro area. Since the second quarter of last year, asking and effective rents have increased 2.3 percent and 3.1 percent, respectively.
Waterton Associates LLC, a private equity real estate investment firm, was launched in 1995. Through the company’s multifamily property management company, Waterton Residential, it has completed over $3.3 billion in investments involving a portfolio of over 40,000 apartment units.
Currently, Waterton Associates LLC manages over 18,000 apartments located in 12 states. The firm also controls debt investments secured by multifamily properties with total principal balances exceeding $1 billion.
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Chart Courtesy of: Marcus & Millichap.