Amplify Development Company Grows Presence in Colorado with Student Housing Acquisition
Amplify Development Company, a national real estate development and investment management company with ties to Colorado, has expanded its student housing-focused portfolio in the state, acquiring the Vista Apartments across from the University of Denver for $41.3 million. The acquisition is the firm’s third in Colorado and second near the University of Denver since 2021.
Located at 1920 S. University Blvd. in Denver, the class A off-campus student-focused apartment building primarily serves the University of Denver as well as young professionals and residents in the city’s desirable Observatory Park and Cherry Creek neighborhoods. The nine-story structure was built in 2008 and consists of 84 units with 284 total bedrooms, two levels of above-grade parking, and numerous amenity offerings.
“Denver’s University Park neighborhood is a special market, and we are thrilled to continue our relationship with the university and surrounding community,” said Alec Paddock, managing director and co-founder of Amplify Development Company. “We have substantial improvements, renovations and partnerships planned for Vista that we look forward to unveiling and are confident students and residents will enjoy.”
Situated just steps from the University of Denver campus, Vista offers two-, three- and four-bedroom fully furnished apartments with private bathrooms, flat-screen TVs in living rooms and floor-to-ceiling windows with unobstructed views of the DU campus, downtown Denver and the Rocky Mountains.
Amenities include a business center, study rooms, computer lab, Wi-Fi, TV lounge, 24-hour maintenance and laundry facilities on each floor. The pet-friendly property also offers two outdoor terraces, an outdoor TV lounge, fireplace, grilling stations, secured covered parking and bike parking.
To improve the resident experience, Amplify is planning a comprehensive renovation of each of the property’s 84 units this fall, including upgrading the appliances, cabinets, countertops, millwork, light fixtures and furniture, and plans to implement numerous renovations and upgrades to the property’s common areas and utility infrastructure to reduce energy use. Denver-based Capstone Management Partners will be brought on to manage the property.
“Capstone Management Partners is the best in the business. Headquartered just five miles from the University of Denver campus, they understand the DU market as well as anyone,” added 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.”
Amplify Development Company has been active in the Colorado market since 2021, having acquired Westside House, a 21-unit, 40-bed building near Colorado State University in Fort Collins, and University Lofts, the 35-unit, 97-bed mixed-use complex with ground floor retail and subterranean parking adjacent to the University of Denver.
Amplify added a new residential studio unit, converted a portion of the vacant retail space into an entry lobby with resident amenities, leased the remaining vacant retail space and master leased the entirety of the apartment component of University Lofts to DU before selling it in October 2022.
“We see a lot of growth potential in Colorado and the broader Denver market and are eager to continue to expand our portfolio in the region for years to come,” noted Paddock, who grew up in Louisville, 30 minutes north of Denver.