FORT COLLINS, CO – Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor and operator, bought Argyle at Willow Springs, a 280-unit Class B multifamily apartment community approximately 65 miles north of Denver, through an affiliated entity. The property was bought with a third-party partner. PRG will operate the rental community and plans to renovate, upgrade, and modernize the property to offer an attractive option for tenants in the area.

Argyle at Willow Springs will be rebranded as Alvista Harmony under PRG’s proprietary brand, Alvista Communities®. The property, built in 1999, comprises 16 three-tale buildings on an 18.7-acre site. The attractive community offers amenities including a leasing center, newly remodeled clubhouse, business center, 24-hour fitness center with a separate yoga/exercise room, pool and sundeck with built-in gas grills, dog park, playground, carports and garage parking. Units include one-, two-, and three-bedroom floorplans with a washer and dryer and a fully-equipped kitchen. Top-floor units also include vaulted ceilings.

Recent renovations by the previous owner to common areas are generally attractive and will allow PRG primarily to continue the proven in-unit renovation plot and operational and rent management improvements. PRG also plans several capital improvements to expand the amenity offerings.

“After owning a number of properties in the Denver metro area, we are excited to expand to other markets in the state,” said Alex Saunders, managing director of acquisitions for PRG’s western United States region. “Colorado has been an area of focus for us in the past few years and we’re not surprised that in November 2018, Yahoo! ranked Fort Collins as a top 10 city with the highest economic confidence. Given the strength of the local economy and robust job opportunities, Fort Collins is a compelling city for renters of all ages.”

Fort Collins is a strong growth market and Colorado’s fourth-largest city, which is expected to double in population by 2050, according to 2017 estimates by the Colorado State Demography Office. The area is proximate to many multi-generational employers, including Colorado State University, Intel, Hewlett Packard Enterprise, Broadcom Inc., UCHealth, and Banner Fort Collins Medical Center.

“Fort Collins has several well-known employers, a large university with over 30,000 students, and is highly attractive and livable,” said PRG President Keith Rosenthal. “Residents are close to the mountains, hiking and biking, and delight in a vibrant food and beverage culture with several microbreweries. This fits right in with PRG’s focus on growth cities in places where millennials and baby boomers alike want to live.”

As a result of the acquisition, PRG owns three properties totaling more than 1,000 units in Colorado. The firm previously sold two properties totaling nearly 700 units in the Denver area.

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BRIDGEWATER, NJ – Sunrise Senior Living welcomed residents to their newest helped living community, Sunrise of Bridgewater, joining 23 existing communities throughout New Jersey. The community provides support for activities of daily living as well as evidence-based memory care programming for seniors with Alzheimer’s and other forms of dementia, with a focus on promoting overall wellness.

“Sunrise of Bridgewater brings a new option to local families, as demand for high-quality senior care quickly grows in Somerset County, especially for individuals who have memory loss,” said Jenifer Salamino, senior vice president of Operations for Sunrise. “Our dedicated and skilled teams provide a personalized experience, from meals to activities programming, to health and wellness. We learn as much about residents’ preferences, life tales, and unique needs, to help them live each day with meaning and dignity.”

New Jersey’s Division of Aging Services projects the number of residents 60 years ancient and over to reach nearly 2.3 million by 2025 – a 57.9 percent increase since 2000.

The three-tale, approximately 69,000-square-foot community located at 390 US Route 22 provides care for up to 96 residents. Nearby health facilities Robert Wood Johnson University Hospital and Somerset Medical Center offer simple access for residents who may need temporary acute care, specialized clinical services, or check-ups.

Residents receive tailored care according to their Individualized Service Plot (ISP) and through data captured in Sunrise CareConnect, a centralized electronic health record system. This holistic look at a resident’s care experience helps allow the Sunrise team to give regular updates to a family or healthcare provider, and adjust care as necessary. The new community also offers a Reminiscence Neighborhood to serve individuals with Alzheimer’s or other forms of dementia. Every 65 seconds, someone in the United States develops Alzheimer’s disease, according to the Alzheimer’s Association.

“We are committed to make Sunrise of Bridgewater a welcoming place and resource for families and new township neighbors. Our team members are what help make Sunrise an award-winning recipient for high customer satisfaction,” said Chris Winkle, chief executive officer for Sunrise.

Sunrise’s dining program serves tasty, home-cooked meals that complement the special nutritional needs of seniors. In particular, the Fortified Foods program aims to help residents maintain a healthy weight through enjoying nourishing meals, without use of dietary supplements. Sunrise of Bridgewater also features Tableside Dining technology. Team members capture orders on a tablet at the time of service, and then view showed preferences, doctor-prescribed restrictions, and allergies to help guide residents in their food selections. At the press of a button, tablet orders signal the kitchen’s chef to prepare each meal and help ensure dishes are safely prepared based on the individual.

The community allows for flexible and adaptable spaces to support Sunrise Live With Purpose® – evidence-based programming that offers residents opportunities to express, learn, engage, and grow each day. Community teams develop a wide-range of meaningful activities to enrich the lives of each resident. One example includes the use of award-winning therapeutic music technology.

Inside the community, design elements support seniors’ mobility needs and promote continued independence. “Wayfinding” wallpaper helps residents better distinguish different corridors and find their suites. Colors were carefully selected based on knowledge of the aging eye and low vision issues that often affect seniors.

Additional features include a wellness center with therapy rooms and a private exam room, movie room; beauty parlor; and Wi-Fi throughout the community for residents and families to stay connected. The interior of the building also showcases artwork from local artists.

Exterior design complements the surrounding area’s architectural style. Perfectly-landscaped outdoor spaces feature a walking path with benches, outdoor pavilion for activities, and multiple patios with lounge and dining seating.

The community will make approximately 100 new local jobs as community caregivers are hired to join the growing team. Sunrise continues to expand its presence in New Jersey, with plans to open Sunrise of Shrewsbury this fall and Sunrise of Summit by mid-2020.

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INDEPENDENCE, MO – San Francisco-based real estate investment firm Hamilton Zanze (HZ) has bought the 420-unit Cornerstone Apartments in Independence, MO in the Kansas City metropolitan area.

The 14-building community was built in 2004 and is located in close proximity to Interstate 70 and Independence Center Mall, providing immediate access to dining, shopping, entertainment, and five nearby universities. Cornerstone offers a mix of one- and two-bedroom units well-suited for both individual and family occupancy.

“Cornerstone Apartments represented an opportunity to buy a well-located asset at an attractive discount to its replacement cost,” said David Nelson, Hamilton Zanze’s managing director of acquisitions. “Kansas City has been a target market for Hamilton Zanze in the past two years, and we will continue to look for further opportunities throughout the Kansas City metro in the months to come.” 

The property features a 24-hour fitness center, a heated indoor and outdoor year-round pool, and a large whirlpool spa. HZ plans to focus on enhancing the community’s business center and clubhouse, in addition to adding a dog park and package storage system. 

The apartment units feature expansive floor plans, master baths with separate showers and bathtubs, and cherry cabinetry. All units feature private patio areas or balconies. HZ plans to add faux-wood flooring in living spaces, new stainless steel or black appliances, and new lighting fixtures. 

Property management responsibilities will be transferred to Mission Rock Residential, a Denver-based affiliate company of HZ.

Cornerstone Apartments is located just 20 minutes from downtown Kansas City. Since 2000, over $6 billion of public and private projects have been completed in the metro area, with population growth of roughly 120,000 from 2010 to 2017. The region ranked in the top-15 North American cities for growth in the technology sector from 2011 to 2016, with a 41.8% increase in tech employment that outpaced major tech hubs including Los Angeles, Toronto, Boston, Atlanta, and Dallas. Strong economic and population growth are likely to continue, supporting the metro as a prime market for multifamily investment.

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