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|Number of units||241|
JLL is pleased to present the exclusive listing of City Gate Apartment Homes (City Gate), a 241-unit apartment community located in the heart of the RiNo Arts District neighborhood, one of Denver’s most sought-after and vibrant submarkets, just steps from countless employment and entertainment options. Through a combination of thoughtful design, well-appointed partial renovations to 85% of the units and a market-leading suite of amenities, City Gate caters to an affluent renter pool drawn to the eclectic workspaces, restaurants, bars and nightlife this RiNo neighborhood has to offer.
City Gate presents the opportunity to acquire a high-quality, 2003-vintage Core-Plus asset with significant investor upside within Denver’s most talked about submarket. This three and four story, wrap-style apartment community is comprised of 206 (85%) partially renovated units that are achieving $150 premiums over classics, along with recently renovated community features that separate City Gate from its competition. Through additional unit upgrades and the expiration of 25 units with affordable rent restrictions that expire at
the end of 2022, there is additional income upside in the foreseeable future.
Residents at City Gate benefit from walkable access to over 140,000 jobs and over 40M square feet of office space in Downtown Denver, along with several highly publicized commercial developments currently taking place throughout the RiNo submarket. With a central location in a niche, mixed-use neighborhood, along with a complete suite of high-end amenities, City Gate
is well-positioned to attract active, affluent Coloradans seeking a unique urban setting with immediate access to all that the RiNo Arts District has to offer. Overall, the combination of City Gate’s unmatched location, attractive historical operating performance, and proven value-add potential provides a unique opportunity for potential investors.
Core-plus asset with value-add potential
· With a full complement of highly-amenitized common area spaces and recently renovated unit interiors, City Gate has proven to be able
to compete with newer product in the RiNo submarket.
· Bike Share Station Steps from the Front Door
· Resort-Style Pool and Spa with Water Features
· Fitness Facility with Machines and Free Weights
· Newly-renovated clubhouse
· Ultra-high-speed Google Fiber Internet
· Package concierge
· Resident game room
· Meeting rooms and business center
· NEST Thermostats
· NEST Thermostats