The Fund started off 2021 with the sale of Regatta Apartments in Northglenn, CO. This brings us to five successful closings from our Fall 2020 marketing efforts.
Regatta was built in 2002 and purchased in December 2016 from a private investment group in our second Fund. Located in the north Denver submarket of Northglenn, seven miles from Downtown, the property is served by several transportation corridors and a new light rail station minutes from the property.
The three-story, garden style community with pool, spa, extensive club and amenity spaces and garages, was only cosmetically updated on a small segment of units by its prior ownership. This provided an excellent platform for the Fund to take the interior upgrades to a new level. The Fund’s renovation focus was on areas the residents touch and feel, improving their experience of the property and its amenities.
Interiors received solid quartz counter-tops, new cabinet facings, stainless appliances, new hardware and lighting and plank vinyl flooring. The pool area got new furnishings and an improved fire pit. The club space and leasing center were completely made over with new finishes and furnishings a new indoor package center was added. The fitness facility received new paint, flooring, and equipment. A combination dog washing station and bike repair shop was created in a prior laundry facility. The buildings were repainted in a contemporary paint scheme. Roofing was completely replaced and the landscaping at the front entry was reworked and enhanced to showcase the market window.
The renovations were completed last year, and the property has seen marked performance improvements as it stabilized. Given strong Buyer demand shown by the earlier marketed properties, Regatta was put to the market in late September 2020 and marketed by David Portarf’s CBRE team. After a very competitive marketing process a Los Angeles based private investment company was selected.
Five sales in four months with overall numbers way above The Fund’s targets marks a great milestone for Fund II. The teams at The Fund and in Property Management, Finance, and Accounting have performed exceptionally in achieving these results. We again say “thank you” to you all and everyone who touches these properties throughout our ownership and sales. We could not achieve these successes without your efforts.
William B. Montgomery
Chief Investment Officer