Global investor and developer Kennedy Wilson has acquired Arista Uptown, a 272-unit garden-style apartment community in Broomfield, for $95 million, excluding closing costs. Beginning immediately, the team will roll out a value-add asset management plan that includes investing $4million to renovate unit interiors, refresh common areas and enhance amenities to improve the renter experience.
Completed in 2012, the property is spread across seven acres equidistant to Boulder and Denver and offers residents access to significant community amenities including a resort-style-pool, clubhouse, fitness center and dog park. Kennedy Wilson has a 20 percent ownership in the acquisition that included a total $44million equity investment and a $53 million loan.
“Arista Uptown meets a critical need for attainable, quality housing in the Denver metro area as residents feel the growing pressure of the high costs of living in city centers,”said Nick Bridges, managing director at Kennedy Wilson, who oversees multifamily investments in the region. “We see significant long-term opportunity in adding Arista Uptown to our growing Mountain West portfolio, driven by the region’s sustained population growth, continued influx of tech companies and new development that promises to attract even more jobs to the region. Broomfield and surrounding neighborhoods will continue to benefit as renters look to the suburbs for more space, relative affordabilityand easy commuteswithin a vibrant and growing market.”
Arista Uptown is situated within Arista, a 200-acre transit-oriented master planned community located along the U.S. 36 Creative Corridor, one of the fastest-growing tech markets in the United States that is now home to several Fortune 500 companies. Companies including Ball Corp, Crocs, Medtronic and Oracle have all relocated to business parks within a 10-minute drive of Arista. Upon completion, Arista will feature 2,000 residential units, 150,000 square feet of retail, nearly 400,000 square feet of Class-A office space as well as Broomfield’s UCHealth Campus and Children’s Hospital Colorado.
Photo courtesy of Kennedy Wilson
