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8001 East 11th Ave
Denver, CO 80220
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Units: 192 | Year Built: 2002
Lowry North is a 192-unit, garden-style apartment community built in 2002, located within the Lowry neighborhood of Denver, Colorado. Lowry is a desirable and unique master planned community that boasts a fun town center filled with restaurants, breweries, bars, boutique clothing stores, and a plethora of retail destinations. The community is filled with parks and recreation trails providing residents of Lowry North with a high-quality lifestyle. Lowry North is fully amenitized, including a clubhouse, pool, hot tub, fitness center, and BBQ stations. 64 apartment homes at the community have undergone gorgeous renovations achieving rental premiums of $175 on average across all unit types. A new owner will have the opportunity to continue the proven renovation program with the option of updating existing amenities to further boost top-line revenue and increase the value of the asset.
The Opportunity
LOCATION
DENVER, CO | LOWRY NORTH APARTMENT HOMES
DEMAND DRIVER
Home to over 1,000 companies
From the Property
TOTAL JOBS SUPPORTED
8.8mi
35.0k
ACRE SITE
908
TIAA Bank | CenturyLink | DaVita | Wells Fargo | VF Corporation
From the Property
TOTAL JOBS SUPPORTED
6.1mi
135k
SF of Occupied Office Space
31.5m
From the Property
TOTAL JOBS SUPPORTED
3.9mi
25.0k
TOTAL HOSPITAl BEDS
University of Colorado Health Professional Schools, UCHealth University of Colorado Hospital, and Children’s Hospital Colorado
1.3k
DENVER, CO | LOWRY NORTH APARTMENT HOMES
JOBS SUPPORTED
10.2k
Schools and Centers
207
STUDENTS Served
89.2k
Montclair School | Hill Campus of Arts and Sciences | George Washington HS
PRIMARY EDUCATION
DENVER, CO | LOWRY NORTH APARTMENT HOMES
NEIGHBORHOOD CONVENIENCES
Within a three-mile drive of the property
DENVER, CO | LOWRY NORTH APARTMENT HOMES
NEIGHBORHOOD SHOPPING
Stores and Restaurants
150
SF Shopping Destination
1.1m
From the Property
4.2mi
Nordstrom | LOFT | lululemon | Coach | Apple | AMC Theatres
DENVER, CO | LOWRY NORTH APARTMENT HOMES
NEIGHBORHOOD QUICK FACTS
City Unemployment Rate(*Preliminary for February 2023)
3.4%*
Median Household Income
(Within Three Miles)
$75.8k
Renter Occupied Housing Units (Within Three Miles)
46%
Population
(Within Three Miles)
197.8k
Median Housing Unit Value (Within Three Miles)
$641k
QUICK FACTS
SHOPPING
CONVENIENCES
PRIMARY EDUCATION
DEMAND DRIVER
GALLERY
8001 East 11th Ave
Denver, CO 80220
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Christopher Ellis
Senior Managing Director
303.689.8317
christopher.ellis@berkadia.com
Brian Huff
Managing Director
303.689.8314
brian.huff@berkadia.com
1331 17th Street | 10th Floor | Denver, CO 80202
Phone: 303.689.8312 | Fax: 303.689.8352
Mortgage Bankers:
Denver Office
Nick Steele
Managing Director
303.689.8306
nick.steele@berkadia.com
Investment Advisors:
CONTACT Info
BACK TO TOP
Nate Moyer
Director
303.689.8320
nate.moyer@berkadia.com
INVESTMENT HIGHLIGHTS
02
Large, Spacious Floor Plans with 9-Foot Ceilings
Lowry North has a diverse unit mix of one-bedroom, two-bedroom, and three-bedroom apartments ranging from 702 square feet to 1,200 square feet. All homes feature 9-foot ceilings along with gas fireplaces.
03
Only Class B Garden-Style Apartment Community in the North Lowry Submarket
Positioned as the only Class B garden-style apartment community in the Lowry submarket, Lowry North is protected against other asset classes as an affordable, amenitized, and updated housing solution.
04
Proximity to Planned East Colfax Bus Rapid Transit
Colorado’s primary public transportation provider, RTD, has approved a brand-new bus line along Colfax Avenue to be completed in 2027 and provide convenient connectivity for residents throughout the area. The new bus line will provide residents access to 16 bus routes and three RTD rail stations allowing superior public transportation options. The East Colfax Bus Rapid Transit line intends to support 50,000 daily riders and access to 280,000 jobs by 2035. Major employment centers that are accessible via the bus line include Aurora Metro Center, Anschutz Medical Campus, National Jewish Health, West Colfax, Colfax, Mayfair, Bluebird Business Improvement Districts, Denver Civic Center, Downtown Denver, Auraria Campus, and over 50 schools.
05
Central Northeast Denver Location between Major Employment Hubs
The Lowry neighborhood is well-located among several employment hubs of North Denver. Notable employment centers include the Denver International Airport that supports 35,000 jobs, the Fitzsimmons – Anschutz Medical Campus that provides 24,000 jobs, and the Downtown Denver Business District that supports over 130,200 jobs.
PROPERTY SUMMary
Garden-Style Walk Up
Three Stories
5 Rental Buildings, 1 Clubhouse
Concrete Slab
Pitched Composition Shingles
Wood Frame
LVT Plank & Carpet
9-Foot Ceilings
Style
Stories
Buildings
Foundation
Roof
Construction
Floor Covering
Ceilings
Mechanical Systems
Individual Gas Furnaces
Heating
Individual A/C
Air Conditioning
Individual Gas Hot Water Heaters
Hot Water
Utility Billing Structure
Individually Metered
Gas
Individually Metered
Electric
Master Metered
Water/Sewer
PROPERTY SUMMary
8001 East 11th Avenue
Denver, CO 80220
1
1
1
1
Personnel Overview
Property Manager
Leasing Consultant
Maintenance Manager
Assistant Maintenance Manager
Parking
281 Spaces
Surface Parking
63 Detached Garages
Garages
1.8 Spaces Per Unit
Parking Ratio
Additional Factors
11th Avenue
Street Exposure
11,000 Cars Per Day
Traffic Count
Unfurnished
Furnishings
01
Proven Value-Add Strategy with Major Remaining Upside
The current owner has renovated 64 units while spending $8,500 to $12,000 per unit, depending on the floor plan, and has achieved rent premiums of $110 to $220, depending on the floor plan. Interior upgrades include new paint, LVT flooring in the kitchens, bathrooms, and common areas, new carpet in the bedrooms, stylish light fixtures throughout, modern cabinetry and hardware, granite countertops, stainless steel appliance packages with an above-range microwave, undermount sinks, new kitchen faucets, new bathroom faucets, resurfaced countertops in the bathrooms, new vanity hardware, and semi-circular shower rods. Common area renovations include a fully remodeled clubhouse with leasing offices, a common area kitchen, a tenant lounge with a fireplace, a new gym with new equipment, new pool furniture, outdoor gas firepit, and a gas BBQ. A new owner will have the opportunity to finish the project and renovate the remaining 128 units to increase top-line revenue and immediately create more value to the property.
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Investment Sales Support:
Annie Liston
Operations Director
Gareth Whitham
Financial Analyst
Grade Level
Parking Type
PROPERTY SUMMary
1
1
1
1
Personnel Overview
Property Manager
Leasing Consultant
Maintenance Manager
Assistant Maintenance Manager
Parking
281 Spaces
Surface Parking
63 Detached Garages
Garages
1.8 Spaces Per Unit
Parking Ratio
Additional Factors
11th Avenue
Street Exposure
11,000 Cars Per Day
Traffic Count
Unfurnished
Furnishings
PROPERTY SUMMary
Garden-Style Walk Up
Three Stories
5 Rental Buildings, 1 Clubhouse
Concrete Slab
Pitched Composition Shingles
Wood Frame
LVT Plank & Carpet
9-Foot Ceilings
Style
Stories
Buildings
Foundation
Roof
Construction
Floor Covering
Ceilings
Mechanical Systems
Individual Gas Furnaces
Heating
Individual A/C
Air Conditioning
Individual Gas Hot Water Heaters
Hot Water
Utility Billing Structure
Individually Metered
Gas
Individually Metered
Electric
Master Metered
Water/Sewer
