Greystar added another apartment asset to its portfolio with its purchase of Champions Park Apartments in Thornton.
Greystar paid a reported $119 million, or $247,917 per unit, for the 480-unit community, renamed Avana Thornton Station. Eaton Vance’s real estate investment group, according to public records, sold the property, which it purchased in 2012 for $68.26 million.
Located at 2525 E. 104th Ave., Avana Thornton Station was built in 2001 and was 94% occupied at the time of sale.
JLL’s Pam Koster and Jordan Robbins marketed the community, however, declined to comment on transaction specifics. However, Robbins noted the Denver’s overall suburban apartment market is appealing to renters and investors alike.
“Generally, Denver’s suburban market continues to be popular. It has a lower cost than the urban market and is more insulated from new construction,” explained Robbins. “Right now there continues to be interest in Denver from institutional investors to private capital and there is a lack of product to meet that need.”
According to the property’s website, Avana Thornton Station features a mix of one-, two- and three-bedroom apartments ranging from 721 to 1,358 square feet. Apartments include hardwood-style flooring, energy-efficient stainless steel appliances in modern kitchens, air conditioning, private balconies and patios, a garden tub in every bathroom, a full-size washer and dryer in each unit, ceiling fans and large closets.
Community amenities at Avana Thornton Station include an updated clubhouse, heated swimming pool and spa, game room with pool, shuffleboard and giant Scrabble, 24-hour fitness center, package room, tennis court, basketball court, sand volleyball court, playground, cyber lounge and full-service kitchen. Additionally, the property is near the Thornton Crossroads and 104th light-rail station along the Regional Transportation’s soon-to-open N Line.
With the acquisition of Avana Thornton Station, Greystar’s Denver portfolio comprises more than 2,500 units. Other properties it owns in the metro Denver area include 4550 Cherry Creek, Avia Lowry, Overture 9th + Co, Parq on Speer and Point 21 Urban Flats.
Featured in the July 15-August 4, 2020, issue