Continental Realty Advisors (CRA), a Denver-based national multifamily investment and management firm, and GTIS Partners, a New York–based global real estate investment firm, have launched their first joint venture together with the acquisition of Canyon Reserve at the Ranch Apartments in Westminster, Colo.
Canyon Reserve’s garden-style layout encompasses 256 units across 16 two-story buildings on a 13.38-acre property. The 1984-vintage community already sports a wide range of public and private amenities plus newly upgraded roofs and skylights. All apartments feature wood-burning fireplaces, vaulted ceilings, private patios or balconies, and deep-bath garden tubs. Community amenities include a resort-style pool, gym, private dog park, business center, and two clubhouses.
The value-add strategy for Canyon Reserve includes enhanced landscaping, new exterior paint, expansion and improvement of the pool area, fitness-on-demand programs, a new coffee lounge and patio, and expansion of the existing leasing center. Interior upgrades will include new cabinetry, stainless steel appliances, plank flooring, and modern lighting, hardware, and paint.
“Canyon Reserve at the Ranch is a perfect example of CRA’s strategy to invest in and improve communities with strong underlying economics while maintaining a commitment to provide affordable rents and quality service to our residents,” said Robert Ireland, director of acquisitions for CRA, in a statement. “We're very pleased with this acquisition and are excited to be working with GTIS on enhancing the property.”
The community is located within 15 miles of Boulder, Colo., and 10 miles of downtown Denver on the 120th Ave. retail corridor. In addition to existing shops and restaurants, as well as over 1,000 employers within commuting distance, the upcoming Westminster Mall redevelopment is expected to add more than 1 million square feet of office space, 700,000 square feet of retail, and an estimated 8,000 employees to the area upon completion. A potential light-rail station is also under consideration.
“We're very pleased to partner with the talented CRA team on Canyon Reserve, which is in one of our strongest markets,” said David Pahl, managing director at GTIS, in a statement. “We can create significant value by repositioning the property in response to growing local demand. This is the first of many planned investments for a newly formed GTIS fund and represents a promising start to executing our fund strategy.”