Vukota Real Estate Acquires Torrey Pines Apartment Homes In Denver, Colorado
19 April, 2017
April 19, 2017 – Vukota Estate is pleased to announce the acquisition of Torrey Pines Apartment Homes, a 235-unit garden-style apartment complex located in Denver, Colorado.
Torrey Pines Apartment Homes is located at 7575 East Arkansas Avenue in Denver, Colorado. The property is situated between the Lowry and Cherry Creek submarkets and provides convenient access to the city’s major employment centers. Specifically, the nearby DTC Business Corridor, the largest employment center in Metro Denver, features over 40 million square feet of office space and is home to 400,000+ jobs.
One of the most compelling attributes of the property is the ability to add revenue through a market-supported value-add program. The property has recently undergone a significant renovation and repositioning with approximately $2.2 million spent on exterior and interior improvements. To date, 61% of the units have been renovated and have achieved rent premiums of $140+ per month. Additionally, Torrey Pines Apartment Homes has exhibited a strong leasing trend over the past 12 months with effective rents increasing 4.9%, while occupancy has averaged over 95%.
Currently, VCM Real Estate and its subsidiaries own/manage over 3,000 apartment units.