TAMPA, Fla., Sept. 19, 2017 /PRNewswire/ -- Avesta Communities announced last week that it has completed its acquisition of 9100 Vance, a 276-unit apartment community located on 11 acres in Westminster, Colorado – a suburb located in the Greater Denver market. The community will be rebranded as Altitude Westminster and is the first acquisition for Avesta in Colorado.
"Avesta is excited about its expansion into the Denver market, specifically Westminster," said Avesta Partner Rachel Ridley. "We believe the market fundamentals and growth outlook in this region align with our investment strategy and offer our investors the opportunity for long-term growth."
Altitude Westminster is located one mile from downtown Westminster, often referred to as the "Silicon Valley of the Rockies." In between Downtown Denver and Boulder, CO, Westminster has close proximity to employment, entertainment, shopping, and outdoor activities which makes it a prime location for apartment living.
There is also new growth planned for the area. The Westminster Mall, located just one mile from Altitude Westminster, is currently being redeveloped by the City of Westminster into a vibrant mixed-use urban community that will serve as a local cultural and economic hub.
This acquisition comes nearly four years after Avesta announced its expansion into Texas. Avesta now owns and operates over 3,000 apartment homes around Texas with support offices in Dallas and Austin.
"Avesta is eager to advance its mission of creating more community in the world by extending its resident focused services to those in Colorado," said Luke Kline, project lead for Altitude Westminster. "The acquisition of Altitude Westminster is a great first step towards achieving our long-term goals in the attractive Denver region."
9100 Vance consists of one and two-bedroom apartment homes and high-quality amenities that include a clubhouse, pool, 24-hour fitness center, and an indoor basketball court. Additionally, Avesta plans to implement a long-term capital improvement plan that will include exterior common area improvements and interior renovations to the apartment homes.
About Avesta: Avesta is a fully integrated real estate investment and management firm that, since 2010, has acquired nearly 14,000 apartment homes throughout Florida, Texas, and now Colorado. Avesta's mission is to give people a home where they can live abundantly and create more community in the world. The vertically-integrated company handles acquisitions, property management, construction management and portfolio management. By striving to be the world's most resident-focused company, Avesta creates lasting value and serves each of its stakeholders: teammates, investors, vendors, communities, and most importantly, its residents.
Gary Garcia II