Pacific Urban Investors Expands Denver Portfolio with Acquisition of Viridian Apartment Community in Greenwood Village
07 Mayo 2024 - 6:33PM
Multifamily owner-operator and investment manager Pacific Urban
Investors (“Pacific”) has acquired Viridian, a 420-unit apartment
community in Greenwood Village, CO. Viridian (the “Property”) is
located in the Denver Tech Center, adjacent to thousands of high
paying technology, financial services, telecommunications, and
aerospace jobs. The acquisition marks Pacific’s fourth investment
in the Denver market with the firm’s regional portfolio now
totaling 884 units.
“Viridian is a high-quality asset in an
employment centric location with the opportunity to implement
select enhancements to the Property, improving the resident
experience and yield for our capital partners. The physical plant
offers several durable competitive advantages including a large
amenity set with a resort style pool and full-size basketball
court, a 1.7 stalls per unit parking ratio, and desirable
floorplans with 9-foot ceilings. Given the favorable
characteristics of the community combined with its adjacency to
employment and amenities, the Property should generate stable and
growing cashflows over time after its repositioning,” said Zach
Williams, Vice President of Investments at Pacific.
The Greenwood Village location offers residents
access to the highly regarded Cherry Creek school district, quick
access to major freeways and light rail, walkability to 35,000 jobs
in the Denver Tech Center, and short commutes to 240,000 jobs in
the broader Denver South business corridor.
“We fully expect to add to our portfolio in the
Denver MSA in the coming years and view Viridian as an excellent
addition that fits squarely within Pacific’s investment thesis:
vintage communities in core locations proximate to significant
employment and lifestyle amenities offering a significant value
proposition for residents as compared to more recent deliveries and
home ownership,” said John Fluke, Director of Investments at
Pacific. “Denver continues to be a market we are underweight
relative to our benchmark and we are actively seeking additional
opportunities in the MSA.”
About Pacific Urban Investors: The Palo Alto,
CA-based company has over $8.7 Billion in assets under management
and owns and manages a national portfolio of more than 22,700
units. The firm and its partners have decades of experience in
apartment investments, both repositioning and ‘re-manufacturing’
multifamily assets and their income streams to their optimal, core
potential. Pacific has progressed over time to become a
best-in-class owner, operator, and asset manager in the multifamily
space, serving as a fiduciary for its own partner capital as well
as its strategic partnerships with institutional pension funds and
other sophisticated investors. Pacific is actively acquiring
multifamily assets as a principal and providing both co-investment
and preferred equity for development, acquisition, and
recapitalization.
For more information, please visit
www.pacificurbaninvestors.com.
Media Contact: Christine BrionesOffice:
650.842.2390Email: cbriones@pacificurbaninvestors.com