PHOENIX, ARIZ. and DENVER, COL. – Evergreen Devco, Inc., a leading retail and multifamily development company, announced today the successful launch of its value add multifamily platform with the formal acquisition of two multifamily apartments in Denver for a total of nearly $70 million.
“We are excited about this new value add platform and these two assets fit perfectly in our business plan,” said Tyler Carlson, Managing Principal of Evergreen. “With both properties located in a strong sub-market with robust education, employment, transportation and retail amenities, these projects both feature opportunities to add value through physical upgrades and professional management coupled with enhanced marketing for high visibility leasing.”
Evergreen acquired Devon Square Apartments, a 252-unit apartment community located at 1300 S. Willow Street in Arapahoe County. The private, gated complex features 12 rental buildings, a leasing office and a clubhouse with an apartment mix that consists of 124 one-bedroom units, 124 two-bedroom/two-bath units, and four townhome units. Community amenities include detached garages, a swimming pool, fitness center, business center and clubhouse. Evergreen closed the “off-market” opportunity directly from the owner for $55,575,000 on April 25.
The property, built in 2002, is located within Cherry Creek School District, Denver’s top-rated school district, and near the largest employment hubs in Denver including the Denver Tech Center, Fitzsimmons Medical Campus, and Downtown Denver. Along with employment, Devon Square also benefits from nearby retail, restaurants and recreation amenities.
“With Devon Square offering large floorplans and attractive architecture, our plan is to upgrade the interior units and improve the community amenities to a level that is comparable to newer properties, but at a slightly lower rent,” said Kris Vercauteren, Vice President of Apartment Acquisitions.
Devon Square was the second recent value add apartment closing. Approximately three miles west, Evergreen closed on a $14 million purchase of Albion Apartment Portfolio on April 12. The six-building, 98-unit apartment portfolio, located one block east of Colorado Boulevard and two blocks north of I-25, features a unit mix of 6 studio units, 66 one-bedroom units and 26 two-bedroom/one-bath units. Built between 1957 and 1961, Evergreen will enhance the physical features of each building and improve the property management across this urban portfolio.
The Albion site is strategically located near the largest employment hubs in Denver, including the Colorado Boulevard corridor, Cherry Creek North, the Denver Tech Center and downtown Denver’s Central Business District. Along with employment, Albion benefits from nearby retail, restaurants, recreation and light rail transportation.
Evergreen’s value-add platform targets multifamily projects that need improvement through physical upgrades and improved property management. In executing this business plan, Evergreen leverages the company’s extensive construction expertise to re-position properties to a level meeting or exceeding the competition. The platform is focused to serve properties located in growth markets, near major employment hubs, with convenient access to retail, transportation and excellent schools.
About Evergreen Devco, Inc.
Founded in 1974, Evergreen specializes in retail and multifamily development, tenant roll outs, project and construction management, property management, asset management, sustainable building and solving financing issues for various retailers and franchises. Working throughout the nation, Evergreen has earned a reputation as an industry leader by delivering high-quality real estate developments and services reliably, efficiently and cost effectively. The company has over 50 employees with offices in Arizona, California, Colorado and Utah. Evergreen is currently engaged in the development of more than 60 retail and apartment projects and has completed more than 500 projects. www.evgre.com.