A national real estate investor and operator headquartered in Chicago added to its metro Denver apartment portfolio with its purchase of The Ridge at Thornton Station.
Waterton, according to Adams County public records, paid $71.9 million for the 280-unit garden apartment community, which was sold by Real Capital Solutions.
Located at 3650 E. 103rd Circle, the community is adjacent to the Thornton Station of the Regional Transportation District’s North Metro Line, slated to open by 2020, and just east of the intersection of Highway 44 and Interstate 25.
The Ridge at Thornton Station was built in two phases, including 10 two-story buildings completed in 2016 and eight recently completed three-story buildings.
“With the recent completion of Phase II, we are excited about closing on the Ridge and completing the lease-up. There is little new product in the Thornton submarket and there are no nearby communities located on top of a future light-rail station. That competitive advantage will be a game changer for the community,” said Peter Kuzma, vice president of acquisitions, who led the transaction.
The addition of new amenities and the opening of the new rail station are expected to increase demand, resulting in premium stabilized rents, he noted. The property also offers additional land on which to develop, and could accommodate an additional 70 units and potentially a clubhouse.
“The Thornton submarket enjoys healthy supply-demand fundamentals and is well-positioned to experience growth as the corridor continues to add jobs and infrastructure,” said Kuzma. “The combination of the market’s affordability and the recent improvements to transit infrastructure will not only lead to household growth but also an increase in employment opportunities for residents.”
The Ridge at Thornton Station was just below 90 percent occupancy at the time of sale and Waterton anticipates to reach stabilization in the next few months.
The property includes one-, two- and three-bedroom floor plans. Apartments feature wood style plank flooring, granite countertops, subway tile, modern finishes, energy-efficient stainless steel appliances, a fullsize washer and dryer, and large mud rooms. Select apartments include attached garages, vaulted ceilings, extended patios and panoramic windows.
Community amenities at The Ridge at Thornton Station include a 24-hour fitness center, entertainment kitchen, coffee bar, community room with indoor and outdoor fireplace, outdoor lounge and pool, dedicated dog park, playground and accessible local trails.
Brokers for the transaction were not disclosed.
In addition to the Thornton property, Waterton also owns the Apartments Denver Place property in Denver and the Greenwood Plaza community in Centennial. The firm, noted Kuzma, is attracted to Denver metro’s cost of living and job growth fundamentals as well as near-term supply issues that could create additional acquisition opportunities.