Retreat’s proximity to Fitzsimons Medical District and accessibility to other regional job centers, combined with its relative affordability compared to new construction product in the submarket, will provide new investors an attractive opportunity to complete a strategic value-add program and ultimately realize significant returns.
Retreat at Fitzsimons (“Retreat”), a 256-unit apartment community located only two minutes from the Fitzsimons Medical District in Aurora, CO. Constructed in 1984, Retreat features an attractive mix of one- and two-bedroom homes, as well as recently renovated amenity spaces and improved common areas. In addition to lightly renovating 54 units, current ownership has invested three million dollars in capital projects such as new windows, roofs, and hardie board siding, and recently completed a successful sample full renovation program on 18 units, achieving an average lease trade-out of $217/unit to-date. Combined with a 44% rent premium at new construction properties in the submarket, significant capital expenditures and the success of recent renovations demonstrate a clear opportunity to realize significant NOI growth through the completion of a strategic renovation program on the remaining units at the property.