Multifamily owner-operator and investment manager Pacific Urban Investors has acquired Viridian, a 420-unit apartment community in Greenwood Village, Colorado.
Viridian is located in the Denver Tech Center, adjacent to thousands of high paying technology, financial services, telecommunications, and aerospace jobs. The acquisition marks Pacific’s fourth investment in the Denver market with the firm’s regional portfolio now totaling 884 units.
“Viridian is a high-quality asset in an employment centric location with the opportunity to implement select enhancements to the Property, improving the resident experience and yield for our capital partners. The physical plant offers several durable competitive advantages including a large amenity set with a resort style pool and full-size basketball court, a 1.7 stalls per unit parking ratio, and desirable floorplans with 9-foot ceilings. Given the favorable characteristics of the community combined with its adjacency to employment and amenities, the Property should generate stable and growing cashflows over time after its repositioning,” said Zach Williams, Vice President of Investments at Pacific.
“We fully expect to add to our portfolio in the Denver MSA in the coming years and view Viridian as an excellent addition that fits squarely within Pacific’s investment thesis: vintage communities in core locations proximate to significant employment and lifestyle amenities offering a significant value proposition for residents as compared to more recent deliveries and home ownership,” said John Fluke, Director of Investments at Pacific. “Denver continues to be a market we are underweight relative to our benchmark and we are actively seeking additional opportunities in the MSA.”
The Palo Alto-based company has over $8.7 Billion in assets under management and owns and manages a national portfolio of more than 22,700 units. The firm and its partners have decades of experience in apartment investments, both repositioning and ‘re-manufacturing’ multifamily assets and their income streams to their optimal, core potential. Pacific has progressed over time to become a best-in-class owner, operator, and asset manager in the multifamily space, serving as a fiduciary for its own partner capital as well as its strategic partnerships with institutional pension funds and other sophisticated investors. Pacific is actively acquiring multifamily assets as a principal and providing both co-investment and preferred equity for development, acquisition, and recapitalization.
