Phoenix Realty Believes Suburban Denver Multifamily Can Compete With The City, Buys Englewood Apartments
Phoenix Realty Group acquired Silver Cliff Apartment Homes at 5275 South Delaware St. in Englewood jointly with a family office (a firm that invests privately for a specific wealthy family) for $57.8M. The property is a 312-unit Class-B community, and PRG plans to renovate it with enhancements to its common amenities and upgrades to apartment interiors.
Completed in 1991, Silver Cliff Apartment Homes consists of nine two- and three-story garden apartment buildings, one clubhouse and one storage building occupying a 10.6-acre site.
The buyer will rebrand the property, planning to rename it Alvista Trailside. Alvista is PRG’s proprietary brand of apartment communities, and the property is near a trail.
Suburban apartments are competitive with urban locations for a number of reasons, according to PRG President Keith Rosenthal.
“Tenants are attracted to this location in suburban Denver because we offer outdoor living amenities like dog parks, direct access to The Big Dry Creek Trail, which leads to miles of other Denver recreation areas, and outdoor kitchens for barbecuing."
Then there is the matter of cost, in a time of escalating rents.
"Our rents are at a significant discount from comparable Downtown apartments with contemporary finishes and common area amenities," Rosenthal said.
The property also is fairly close to the Denver Tech Center and the University of Denver.
With this acquisition, New York-based PRG now owns more than 1,300 units in Colorado.