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Starwood Unloads Waterford Place in Thornton

Greystar Adds 336-Unit Property to its Denver Portfolio
March 1, 2018
Starwood Capital Group continued its selloff of apartment complexes purchased from Sam Zell’s Equity Residential with its recent disposition of Waterford Place in Thornton.

Apartment-management giant Greystar Real Estate Partners purchased the property for an undisclosed amount in February. Public records indicating the purchase price have not yet been filed in Adams County.

The 336-unit Waterford Place was built in 1998 at 2801 E. 120th Ave. Starwood acquired it as part of a $5.3 billion nationwide apartment portfolio buy in January 2016 that made it the largest owner of apartment complexes in metro Denver at the time. The Connecticut-based company has sold several of those properties in recent months.

Charleston, SC-based Greystar also maintains a large presence in metro Denver, owning 1,700 apartment units and managing more than 23,000 more.

"The acquisition of Waterford Place represents a continuation of Greystar’s strategy of acquiring high-quality assets with value-add upside in submarkets like Thornton, poised for growth due to limited new supply," said Kevin Kaberna, executive director and leader of Greystar’s U.S. investment platform. "Rent growth in this submarket is one of the strongest in the Denver metro area, and home prices have risen over 35 percent in just the past three years."

Greystar plans to execute "extensive capital and operational enhancements," Kaberna said.

Capital improvements will include stainless steel appliances, quartz countertops and new lighting and hardware in units, as well as renovations to the common areas including the pool, fitness center and dog park.

Greystar has renamed the complex Avana Eastlake.

Terrance Hunt, Shane Ozment, Amanda Meldrum and Courtney Crowder of ARA, A Newmark Company represented Starwood in the sale. For more information, please see CoStar Comp #4148186.

Molly Armbrister, Denver Market Reporter  CoStar Group   
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