San Francisco-based Hamilton Zanze has acquired the 208-unit Keystone Apartments in Northglenn for $39.5M.
Hamilton Zanze purchased the property from Aukum Group, a private real estate investment group that was represented by Newmark Knight Frank Vice Chairmen Shane Ozment and Terrance Hunt
At 12150 Race St., Keystone Apartments is just 1 mile west of the planned 124th Avenue/Eastlake light-rail station scheduled to open in 2019.
The complex, built in 1986, has received extensive upgrades in recent years. The property offers one- and two-bedroom units with vaulted ceilings, walk-in closets, private balconies and patios and stainless-steel appliances. Community amenities include a clubhouse, fitness center and indoor multisport court, pool and outdoor barbecue areas.
Hamilton Zanze plans to expand Keystone’s amenity package by adding a dog park, upgrading fitness equipment, improving landscaping and potentially updating the athletic facilities. The units will get new countertops, fixtures, cabinet pulls and flooring. Property management will be transitioned to Mission Rock Residential, Hamilton Zanze’s affiliated Denver-based property manager.
“Keystone Apartments presented an opportunity to buy a well-located, light value-add deal,” Hamilton Zanze Managing Director David Nelson. “We love the Northglenn submarket and are excited about continuing our expansion in the Denver metro area."
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