Los Piñones
Santa Fe, New Mexico
Largely overlooked tertiary market with exceptional renter demographics.
Case Study:
Archer Tower
Denver, Colorado
Well located tower with exceptional renter demographics and vacant penthouse level.
- Year built
- 1953
- Total units
- 318
- Class
- B+/A-
- Renovation
- $4,845,000
Opportunity
One of Denver’s oldest, and best located residential towers in the Capitol Hill district of downtown.
Exceptional renter demographics, highlighted by well educated, high earning millennials from a diverse variety of employment sectors.
Well maintained building systems with top floor used primarily for storage.
Penthouse
Fitness
Dog Park
Unit
Laundry
Execution
A perfect example of product/market match, Archer Tower now has some of the best amenities in Capitol Hill
Virtú completed a $4,845,000 ($15,332/unit) renovation transforming the asset over 18mth period.
Extensive improvements made to property including a mezzanine level dog park, rooftop laundry and garden, a state-of-the-art gym, and penthouse level clubhouse.
Unit renovations designed to reduce expenses by incorporating LED light kits, low flow plumbing fixtures, programmable thermostats, and Energy Star appliances.
Airbnb formally encouraged with cleaning and key exchange services available to residents interested in subsidizing their monthly rent by as much as 30%.
Zipcars and community bikes brought on site as an alternative to the high cost of car ownership.
Results
- Improved community standing
Property one of the “go to” buildings for millennial renters in downtown Denver.
- Improved renter experience
Online reviews now overwhelming positive, registering 90% recommended vs. a city average of 58%.
- Increased rent
Asking rents up 19% over average rates at purchase.