Florida-based Avesta Communities will purchase an apartment complex at 9100 Vance, a 276-unit apartment community located on 11 acres in Westminster, Colorado.
The community will be rebranded as Altitude Westminster and I the first acquisition for Avesta in Colorado. Developers are hoping to capitalize on the city’s Downtown Westminster development, which is roughly one mile away.
“Avesta is excited about its expansion into the Denver market , specifically, Westminster, “said Avesta Partner Rachel Ridley. “We believe the market fundamentals and growth outlook in this region align with our investment strategy and offer our investors the opportunity for long-term growth.”
“Avesta is eager to advance its mission of creating more community in the world by extending its resident focused services to those in Colorado,” said Luke Kline, project lead for Altitude Westminster. “The acquisition of Altitude Westminster is a great first step towards achieving our long-term goals in the attractive Denver region.”
The development consists of one and two-bedroom apartment homes and high quality amenities that include a clubhouse, pool, 24-hour fitness center, and an indoor basketball court. Additionally, Avesta plans to implement a long long-term capital improvement plan that will include exterior common area improvements and interior renovation to the apartment homes.