UNIVERSITY OF DENVER
University Lofts at The University of Denver is the first project in Amplify’s recently established Value-Add Platform. It is also the first addition to Amplify’s student housing portfolio in the State of Colorado. Denver and Colorado hold a special place in the hearts of the Amplify Team as Founder and Managing Partner Alec Paddock grew up just minutes from the property. University Lofts is strategically located directly adjacent to the University of Denver, along one of the most active retail and dining corridors in the region. The property was originally built in 2006 and features 35 units and 97 bedrooms of student housing with 6,000 square feet of ground floor retail space and two levels of subterranean parking. The multi-family component of the property was 100% occupied and master leased to The University of Denver, and the retail component was 25% occupied at the time of Amplify’s acquisition of the property in the Summer of 2021.
2373 E Evans Ave,
Student Housing, Value-Add, Rehabilitation Project
University Lofts is a 5-story value-add student housing acquisition made by Amplify Development Company in the Summer of 2021. The property is located directly adjacent to the University of Denver, one of the most prestigious private universities in the state of Colorado.
The business plan for the asset will include converting one of the vacant ground floor retail spaces into a first-class amenity and study area for residents, leasing the remaining vacant ground floor retail spaces to quality tenants and operators, , and renovating the existing 35 units and 97 bedrooms in the property with new flooring, countertops, appliances and FFE.
The apartment component of the property is currently master leased to the University of Denver at a below market rental rate. Amplify will be performing the planned value-add renovations beginning in Q3 2021 with a targeted completion date of Q2 2022, prior to the start of the Fall 2022 school year. Amplify will then be leasing the apartment units on a per-unit basis to University of Denver students at market rents.
Amplify is working in partnership on the project with a number of local, regional, and national capital partners, lenders, design, and construction professionals. Capstone Management Partners will be serving as the full-time property management and leasing partner on the project. Capstone brings a depth of knowledge and experience to the project team as one of the nations most accomplished student housing managers in the industry.