Expanding its student housing-focused portfolio in Colorado, Amplify Development Co. has acquired the Vista Apartments across from the University of Denver for $41.3 million. The Class A off-campus student-focused building offers two-, three-, and four-bedroom fully furnished apartments with private bathrooms and floor-to-ceiling windows framing views of campus, downtown Denver, and the Rockies.
Vista Apartments’ nine-story structure was built in 2008 and includes 84 units with 284 total bedrooms and two levels of above-grade parking. Current amenities include a business center, study rooms, a computer lab, Wi-Fi, a TV lounge, 24-hour maintenance, laundry facilities on each floor, two outdoor terraces, an outdoor TV lounge, a fireplace, and grilling stations.
“Denver’s University Park neighborhood is a special market, and we are thrilled to continue our relationship with the university and surrounding community,” says Alec Paddock, managing director and co-founder of Amplify Development Co. “We have substantial improvements, renovations, and partnerships planned for Vista that we look forward to unveiling and are confident students and residents will enjoy.”
Amplify is planning a comprehensive renovation of the 84 units this fall, including appliances, cabinets, countertops, millwork, light fixtures, and furniture. There are also plans to renovate and upgrade common areas and utility infrastructure to reduce energy use. Capstone Management Partners will manage the property.
“Capstone Management Partners is the best in the business. Headquartered just 5 miles from the University of Denver campus, they understand the DU market as well as anyone,” adds Paddock. “We have had the pleasure of working with Capstone on a number of properties in our portfolio over the years and are excited to have such a top-tier management and leasing company as a part of the Vista team.”
The acquisition is Amplify’s third in Colorado and second near the University of Denver since 2021. Director Jack Brett with Newmark’s Student Housing group represented the seller, while senior director Nick Steele and director Tyler King with Berkadia Denver represented Amplify in the transaction.
