Ascentris recognized there was an opportunity to develop institutional quality multifamily properties in urban locations within certain markets throughout the United States. At the time, significant demographic and employment trends combined with weak housing and credit markets that had reversed the propensity and ability to own a home provided an opportunity to develop multifamily properties early in the development cycle that would generate greater than core returns upon stabilization.
Ascentris, and its development partner, demonstrated to the seller of the site that it could close quicker than the competition resulting in an attractive land basis. The site was in an unparalleled “condominium” location proximate to Denver’s Union Station and across the street from the Museum of Contemporary Art, providing immediate access to the Cherry Creek Trail system as well as the amenities in Lower Downtown “LoDo.” The partnership delivered the property on time and under budget.
Following completion of the building, Ascentris sold the property to an institutional core fund on a pre-sale basis resulting in a record price for Denver.
Disclaimer: The properties selected for the case studies were selected to represent the diversity in the Ascentris investment strategy and geographic reach. These properties were not selected for their performance result and do not indicate exclusively in what product type or geography Ascentris may make future investments.