DENVER, CO – San Francisco-based real estate investment firm Hamilton Zanze has bought the 216-unit Willow Run Village apartment community in Broomfield, Colorado, just north of Denver, for $50 million. 

The property, bought from Griffis/Blessing, consists of 10 two- and three-tale residential buildings totaling to 222,768 square feet. This is the 14th property the firm owns in Colorado, and the eighth in the Metro Denver area. 

“Willow Run presents a right value-add opportunity,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “We are plotting an extensive interior renovation campaign, resulting in a strategically positioned asset in a fabulous location.” 

Built in 1999, Willow Run Village is located at 12621 Zuni Street and offers one-, two-, and three-bedroom units ranging from 859 – 1,248 square feet. It is located very near the 128th Avenue onramp for I-25, one of the region’s most traveled thoroughfares. The property is also adjacent to a greenbelt for pedestrian and bicycle traffic and within small walking distance of the Broomfield Commons Open Space. 

Hamilton Zanze plans to improve common-area amenities and will be enhancing the package locker area and refreshing the on-site dog park. The company plans to update select units with new stainless-steel appliances, upgraded hardware and lighting fixtures, faux wood flooring, and new paint. Property management responsibilities will be transitioned to Mission Rock Residential, a Denver-based company.

Ranked third on U.S. News and World Report’s 2017 list of the Best Places to Live, Denver has received wide acclaim as a top destination for job seekers, relocating companies, and investors as the metro continues to receive one of the largest influxes of out-of-state domestic migrants nationwide. Strong aerospace, defense, healthcare, hospitality, and finance sectors provide a wide array of job opportunities and an economy well-designed to sustain through economic cycles.

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MORRISTOWN, NJ – Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corporation, and an owner, manager, and developer of luxury lifestyle-oriented multifamily and mixed-use properties, announced the launch of leasing at The Metropolitan Lofts, a new collection of 59 well-appointed one- and two-bedroom apartments in historic downtown Morristown, New Jersey. 

Developed by Roseland in partnership with Woodmont Properties, Metropolitan Lofts presents a rare opportunity to lease a spacious and stylish apartment in the heart of a neighborhood known for its shopping, dining and entertainment, and just a small walk from Morristown Station, which provides quick access to Manhattan via NJ Transit’s Midtown Direct train.

“Metropolitan Lofts brings a new dynamic to one of New Jersey’s most desirable downtowns,” said Michael J. DeMarco, chief executive officer of Mack-Cali Realty Corporation. “Few places in the New York Metropolitan Area compare to Morristown when it comes to offering a vibrant downtown with train access to New York City, and Metropolitan Lofts meets the area’s strong demand for luxury living.”  

Located at 11 DeHart Street, Metropolitan Lofts offers a rich selection of amenity spaces, including a state-of-the-art fitness center with strength-training equipment, cardio machines, TRX, and SYNRGY360; a yoga room and spin studio featuring Fitness On Demand™; a golf simulator with lounge seating; wi-fi throughout all common areas; package lockers; convenient bike storage; and controlled-access entry.

Ranging in size from 679 to 1,203 square feet, every Metropolitan Lofts residence features high ceilings; kitchens with dark-espresso cabinetry, white-quartz countertops, glass backsplashes, garbage disposals, ENERGY STAR® stainless steel appliances and gas stoves; wood-style wide plank flooring; baths with Moen® fixtures, marble vanities, double sinks and porcelain tiling; expansive terraces; walk-in closets with solid shelving; laundry closets with porcelain tiling and full-sized, front-loading washers and dryers; LED lighting; custom closets; and oversized windows. Additionally, Metropolitan Lofts is pet-friendly.

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DENVER, CO – Apartment Investment and Management Company and Related Companies, announced that the two companies have entered into a binding agreement in which Aimco will sell its Asset Management portfolio and four affordable real estate communities to Related’s affordable division for $590 million. Closing of this transaction, which is anticipated to occur in the third quarter of 2018, will complete Aimco’s plotted exit from its affordable housing line of business.

The Asset Management portfolio is a fee-based business in which Aimco is the general partner in partnerships owning interests in low-income housing tax credit apartment communities. As general partner, Aimco provides asset management and other services to these partnerships and receives fees and other payments in return. The sale also includes the Hunters Point communities, four affordable, garden style communities, with 604 apartment homes located in San Francisco, CA.

“This transaction simplifies the Aimco business and completes the plotted exit from the affordable housing business that we announced in 2011,” said Aimco Chairman/CEO Terry Considine. “The completion of this transaction will be accretive to Aimco’s Net Asset Value by $126 million while preserving affordable housing through its transfer to a long-term, high quality operator of affordable assets.”

Drawing on their extensive experience in the affordable housing sector, Related plans to preserve the long-term affordability of all 51 properties. “The development and preservation of affordable housing has been a cornerstone of Related’s business for more than 40 years,” said Matthew Finkle, President of Related Affordable, a division of Related Companies. “We have preserved tens of thousands of affordable housing units across the country and have never converted a single unit to market rate – a legacy we intend to extend to all of the 7,837 apartments in this portfolio. At Related, we believe affordable housing is a priority for building strong communities and we look forward to working with other property owners and managers like Aimco, as well as local and state governments throughout the country, to continually expand our preservation efforts so we can continue to provide affordable housing to the thousands of Americans who call our properties home.”

After closing costs and repayment of the Hunters Point property debt, the net proceeds to Aimco are expected to be approximately $512 million, which the company plans to use to partially fund the previously-announced acquisitions of Bent Tree in Fairfax County, VA and a portfolio of six communities in Philadelphia, PA, and to reduce leverage, including the redemption of Class A preferred stock callable in 2Q 2019. Taken together, these transactions are expected to reduce Aimco’s Adjusted Funds From Operations (“AFFO”) by $0.03 per share in 2018 and $0.04 per share in 2019, before becoming accretive in 2021.

“This transaction redeploys the value of the depleting cash flows of our Asset Management business into high quality operating communities with durable cash flows and promising future growth. Related’s ongoing affordable business allows them to maximize the intrinsic value of Aimco’s partnership interests while protecting and enhancing affordable housing going forward. We believe they will be a excellent steward for these communities and I appreciate our work together on this transaction,” said John Bezzant, Aimco’s Chief Investment Officer, who negotiated the transaction with Related.

Aimco CFO Paul Beldin added, “This transaction improves the quality of Aimco’s earnings and provides a modest reduction in total leverage to 6.7x on a Proportionate Debt and Preferred Equity to Adjusted EBITDA basis by the end of 2018.”

As previously announced, Aimco still expects to sell Chestnut Hill Village, a 704-home community in northeast Philadelphia. Additional pending asset sales will be evaluated based on Aimco’s 2019 investment priorities.

Following the sale of its Asset Management business, Aimco will continue to own and operate a portfolio of market rate multifamily communities, diversified by price point and geography, in attractive and growing submarkets across the United States.

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