ADVENIR CASTLE PINES
HFF is pleased to present the exclusive listing of Advenir at Castle Pines, a 356-unit apartment community located in Castle Pines, Colorado and originally constructed in 2002. Virtually all of the apartment homes at the property are in their original condition, and with nearby competing properties commanding rents more than $175 over current effective rents at Advenir at Castle Pines, a new investor has an extraordinary valueadd opportunity in one of Denver s most affluent demographic areas. Comprised of 31 garden-style rental buildings set on 28 acres, Advenir at Castle Pines is very unique with its low density setting - approximately 12.7 units per acre - which offers stunning views of the Rocky Mountains and immediate access to Colorado s attractive outdoor lifestyle. The apartment homes feature 9 ceilings, generous balconies, and a mix of attached and detached garages. Proximate to some of metro Denver s premier employment centers and top-ranked schools, Advenir at Castle Pines draws from an affluent renter pool with average household incomes exceeding $150,000 within a 1-mile radius. Advenir at Castle Pines represents a rare opportunity to acquire a premier value-add asset in the prestigious city of Castle Pines, Colorado. OFFERING SUMMARY OFFERING STRUCTURE: THIS OFFERING IS UNPRICED TO THE MARKET AND SUBJECT TO THE ASSUMPTION OF THE EXISTING FINANCING. THE SELLER WILL ALSO LOOK AT OFFERS ON A FREE & CLEAR BASIS. SEE FINANCIAL ANALYSIS FOR INFO ON EXISTING DEBT. Address Year Built 2002 Total Units 356 520 Dale Ct Castle Pines, CO 80108 Site Size Average Unit Size Number of Buildings 28.08 Acres ± 1,083 SF 31 Parking Count Regular 119 Handicap 5 Attached Garage 242 Detached Garage 54 Total 420 Rentable SF ± 385,583 Occupancy ± 96% Average Eff Rent* $1,395 ($1.29/SF) *Effective rents based on the May 3, 2016 Rent Roll
Investment Highlights + + IRREPLACEABLE ASSET: Low density offering in exclusive city of Castle Pines. + + ACCESS TO NEARBY RETAIL AMENITIES: Three major retail centers within walking distance or a short commute. + + UNPARALLELED DEMOGRAPHICS: Average household Income of more than $150,000 and median home values of more than $490,000 within a 1-mile radius. + + EXTRAORDINARY VALUE-ADD OPPORTUNITY: 2002 construction, all unit interiors in their original condition. + + PROXIMATE TO MAJOR EMPLOYERS: Easy access to Sky Ridge Medical Center and Denver s Southeast Business Corridor. + + STRONG PROPERTY LEVEL PERFORMANCE: No other apartment communities currently under construction in Castle Pines.
Extraordinary Value-Add Opportunity Originally constructed in 2002, virtually all of the apartment homes at Advenir at Castle Pines have their original finishes, offering an investor a rare value-add opportunity in one of Denver s most desirable locations. The 356-unit property offers an attractive mix of one, two, and three bedroom homes averaging a spacious 1,083 square feet. New and recently renovated competing properties with higher quality finishes are commanding rents up to $175 more than those currently being achieved at Advenir at Castle Pines. At an estimated cost of $7,000-$9,000 per unit, the available premiums represent an attractive return on cost. The highly affluent demographics surrounding Advenir at Castle Pines will allow for renters to effectively absorb rental increases and drive demand for luxurious, upgraded homes. An extraordinary opportunity exists for a new owner to complete a comprehensive interior renovation program, further enhancing yields and positioning the property to compete for years to come. 1 2 3 4 5 6 New LVT Flooring Black/Stainless Granite Countertops Undermount Sinks Updated Cabinetry Upgraded Lighting & Appliances Hardware Fixtures CURRENT KITCHEN 6 SAMPLE RENOVATED KITCHEN 6 5 5 3 4 4 3 2 2 1 1
HFF Denver 1125 17th Street Suite 2450 Denver, CO 80202 Telephone: 303.515.8000 Fax: 303.515.8015 Investment Contacts Jordan Robbins Managing Director 303.515.8010 jrobbins@hfflp.com Denver CBD Downtown <25 Miles from Castle Pines Denver Tech Center <12 Miles from Castle Pines Park Meadows <8 Miles from Castle Pines Inverness Business Park <10 Miles from Castle Pines Sky Ridge Medical Center <5 Miles from Castle Pines Meridian Int l Business Plaza <6 Miles from Castle Pines Jeff Haag Associate Director 303.515.8004 jhaag@hfflp.com 25 Financing Contacts Eric Tupler Senior Managing Director 303.515.8001 etupler@hfflp.com CASTLE PINES PKWY Great Clips Postal Service Urgent Care & Family Practice CASTLE PINES PKWY Josh Simon Managing Director 303.515.8002 jsimon@hfflp.com Holliday Fenoglio Fowler, L.P. ( HFF ) a Colorado licensed real estate broker. 2015 HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF. HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.