DENVER – Real estate investment firm Hamilton Zanze (HZ) has acquired the 208-unit Keystone Apartments in Northglenn. The $39.5 million purchase closed October 11th. ARA, A Newmark Company represented the seller – Aukum Group – in the transaction.
Built in 1986, Keystone Apartments is located at 12150 Race Street in Northglenn. The property is just one mile west from the planned 124th Avenue/Eastlake light rail station, which is scheduled to open in 2019 and is also in close proximity to a new 2.4 million-square-foot Amazon fulfillment center, which is expected to add 1,500 new jobs to the market.
“Keystone Apartments presented an opportunity to buy a well-located, light value-add deal,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “We love the Northglenn submarket and are excited about continuing our expansion in the Denver metro area.”
The community received extensive upgrades in recent years and is a unique, modern living option in Denver’s Northglenn submarket. The property’s 157,004 net rentable square feet includes one- and two-bedroom unit floorplans, with an emphasis on one-bedroom units. Community amenities include mountain views, a resident clubhouse, a fitness center and indoor multi-sport court, a pool, and outdoor barbecue areas. The apartment units feature vaulted ceilings, walk-in closets, private balconies and patios, and stainless-steel appliances.
HZ plans to expand the community’s amenity package by adding a dog park, upgrading fitness equipment, improving landscaping, and potentially updating the athletic facilities. Unit interiors will be upgraded with new countertops, fixtures, cabinet pulls, and flooring. Property management responsibilities will be transitioned to Mission Rock Residential, HZ’s affiliated, Denver-based property manager.
“Keystone Apartments fits perfectly into our Colorado regional team. We are excited to improve the renter experience at this community and look forward to the upcoming improvements to the residences in the years to come,” said Pat Hutchison, president of Mission Rock Residential.
The Denver metropolitan area is continually recognized for its labor force quality and low cost of doing business, which makes it an attractive market for relocating companies. Northglenn is located in Denver’s Adams County, the fifth most populous county in Colorado. Adams County boasts a diverse industry mix of aerospace, energy, healthcare, logistics and transportation, manufacturing, and wholesale trade.
Photo courtesy of Hamilton Zane
