DENVER, CO – Waterton, a U.S. real estate investor and operator, announced it has acquired Greenwood Plaza, a 266-unit rental community located in the Denver suburb of Centennial, Colorado, approximately 15 miles southeast of downtown Denver.
Built in 1996, Greenwood Plaza includes a mix of one-, two- and three-bedroom apartments in a highly accessible location, near Interstate 25 and approximately 2½ miles southwest of the Denver Tech Center, home to nearly 1,000 companies and 35,000 employees.
Adjacent to the community is Fiddler’s Green Amphitheater, the largest outdoor amphitheater in the Denver metropolitan area, hosting over 200,000 visitors annually. In addition, Arapahoe at Village Center station, which serves RTD’s E, F and R lines, is less than 1 mile east of Greenwood Plaza, offering light rail service to downtown.
“Greenwood Plaza is in a prime location near major employers, public transit and within walking distance to several strong retail centers including Greenwood Retail Plaza, Heritage Place Shopping Center and Arapahoe Marketplace,” said Mark Stern, senior vice president of acquisitions at Waterton. “The Centennial community offers a great deal to its residents, including the expansive Cherry Creek State Park, golf courses, a state-of-the-art recreation center and the K-12 Cherry Creek School District, one of the highest-achieving districts in Colorado.”
Apartments at Greenwood Plaza feature 9-foot ceilings, gas fireplaces, private balconies and direct-access garages. Previous ownership partially renovated 100 units, which include new kitchens with stainless steel appliances. As part of a phased capital improvement program, Waterton plans to update the remaining 166 units with a modern finish package that includes new flooring in kitchens and living areas, as well as carpeting in bedrooms. Kitchens will also be reconfigured to create a more modern, open layout and enhanced with new cabinetry and countertops, tile backsplashes and stainless steel appliances.
Residents of Greenwood Plaza also have access to a variety of on-site amenities including a fully equipped fitness center, media room, business center, outdoor grilling area, clubhouse, and heated outdoor swimming pool and spa.
“Waterton’s interior renovations will generate revenue growth through updating unit finishes to the high standards demanded by residents today,” said Stern.
Greenwood Plaza marks Waterton’s second multifamily acquisition in 2017. The firm owns and manages two other rental communities in the Denver area comprising nearly 700 units.