Avanti Residential Acquires Beacon House Apartments in Northglenn, Colorado
Denver, CO – November 2024 – Avanti Residential is pleased to announce the acquisition of Beacon House Apartments, a 112-unit community located in Northglenn, Colorado. The property was acquired from MAXX Properties for $16.4 million. Shane Ozment, Terrance Hunt, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer of CBRE represented the seller, MAXX Properties, in the transaction. Brady O’Donnell, Jill Haug, and Alex Scott of CBRE arranged a fixed rate Freddie Mac loan for Avanti Residential, providing accretive financing for the acquisition driven by the property’s mission driven percentage and strong Sponsorship.
Built in 1972, Beacon House is a unique value proposition with its mid-rise interior hallway design, a rare feature in the North Metro Denver market. The property is comprised of 72 one-bedroom and 40 two-bedroom units, averaging 774 square feet. Amenities include wood burning fireplaces, spacious closets, private balconies and lake views, along with quick access to I-25, clubroom and fitness center, on-site laundry facilities, and controlled building access.
”Our firm owns and operates the apartment community immediately adjacent to the south” said Jason Wine, Vice President of Acquisitions for Avanti Residential, “this will enable us to generate economies of scale from an operations standpoint but also create an enhanced disposition strategy for both assets.”
The acquisition of Beacon House underscores Avanti Residential’s commitment to expanding its presence in key markets and providing high-quality housing to residents. At $146,429 per unit, this acquisition represents a significant value-add opportunity for Avanti, especially considering the low price per unit relative to replacement cost and unique product offering.
Avanti Residential concludes a successful 2024 with the acquisition of Beacon House Apartments, bringing our portfolio to 9,604 units across 41 properties in eight states. As we continue to expand our footprint in key markets, we remain committed to providing exceptional living experiences and delivering strong returns for our investors.
About Avanti Residential
Avanti Residential is an experienced investor and owner-operator of lifestyle-forward multifamily communities in the U.S., with 9,604 units across eight states. Founded in 2005 and headquartered in Denver, Colorado, Avanti operates a vertically integrated platform led by a seasoned executive team, each with more than 25 years' experience in the acquisition, operation and value creation of apartment properties. The company applies skilled real estate investment acumen in a culture of personal accountability and alignment to deliver exceptional value and attractive risk-adjusted returns for its institutional venture partners and private capital investors. https://avantiresidential.com
About CBRE Group, INC.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.