Marking Trion Properties’ largest acquisition to date, the California- and Florida-based firm has closed on an off-market $108.75 million transaction. Terra Village, in Edgewater, Colorado, is in a quickly growing submarket of Denver. Soon to be rebranded as Edge 26 at Sloan’s Lake, the 402-unit community on nearly 16 acres is near Denver’s largest lake and second largest park.
“Through the unique opportunity to acquire this standout asset at an attractive basis and completing strategic upgrades, we will be able to unlock tremendous value potential,” explains Max Sharkansky, managing partner at Trion Properties.
“The Edge 26 community will meet an underserved need for quality apartment communities at an affordable price point relative to new construction in the area, especially as the wider metro area is projected to increase by another 700,000 residents by 2030, and reach nearly 4.1 million by 2040, according to projections by the state demographer.”
The garden-style community offers one-, two-, and three-bedroom apartments with private patios or balconies and open floor plans. Comprised of 23 two- and three-story walk-up buildings, current amenities include a pool, a courtyard, a basketball court, a playground, a pet area, and trails. Edge 26 will undergo renovations to meet the needs of the changing demographic.
“The urban environment in a suburban setting continues to flourish in this submarket, drawing a new resident demographic seeking an attractive alternative to downtown Denver,” says David Moghavem, director of acquisitions at Trion Properties. “Tucked between Sloan’s Lake and Wheat Ridge, the area borders some of Denver’s most popular dining neighborhoods with many restaurateurs looking westward for new locations, as well as longstanding establishments remaining in the mix.”
To match the heightened demand for quality in the area, Trion plans to implement its value-add strategy. “Previous ownership put a strong emphasis on curing deferred maintenance and transferred the property in excellent functioning condition,” says Farhan Mahmood, partner and director of acquisitions at Trion Properties. “Prior maintenance items include complete re-piping of the two-pipe heating system; adding new mini split systems to all units; new landscaping; repaving asphalt; replacing windows, sliders, roofs; and renovating all the common area amenities."
Mahmood continues, "With less risk and overhead, we can now focus on strategically elevating the asset by fully rebranding the property, modernizing classic interiors, incorporating a complete tech package, implementing in-unit washers and dryers, and adding additional amenities such as a gym and an outdoor fitness area, a dog park, and improving the overall curb appeal with new paint, signage, and landscaping.”